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UN Report: 2024 Could Errand Protracted Period of Low Growth

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UN Report: 2024 Could Errand Protracted Period of Low Growth

By: Michael Mike

A United Nations flagship economic report has raised an alarm that protracted period of low growth looms large, and could undermine progress on sustainable development.

According to the report released on Friday, weakening global trade, high borrowing costs, elevated public debt, persistently low investment, and mounting geopolitical tensions put global growth at risk.

The global economic growth is projected to slow from an estimated 2.7 per cent in 2023 to 2.4 per cent in 2024, trending below the pre-pandemic growth rate of 3.0 per cent, according to the United Nations World Economic Situation and Prospects (WESP) 2024, launched on Friday.

This latest forecast comes on the heels of global economic performance exceeding expectations in 2023. However, last year’s stronger-than-expected GDP growth masked short-term risks and structural vulnerabilities, according to the report.

The UN’s flagship economic report presents a sombre economic outlook for the near term. Persistently high interest rates, further escalation of conflicts, sluggish international trade, and increasing climate disasters, pose significant challenges to global growth.

The report stated that the prospects of a prolonged period of tighter credit conditions and higher borrowing costs present strong headwinds for a world economy saddled with debt, while in need of more investments to resuscitate growth, fight climate change and accelerate progress towards the Sustainable Development Goals (SDGs).

Reacting to the report, the United Nations Secretary- General, António Guterres, said: “2024 must be the year when we break out of this quagmire. By unlocking big, bold investments we can drive sustainable development and climate action, and put the global economy on a stronger growth path for all,” adding that:
“We must build on the progress made in the past year towards an SDG Stimulus of at least $500 billion per year in affordable long-term financing for investments in sustainable development and climate action.”

The report stated that growth in several large, developed economies, especially the United States, is projected to decelerate in 2024 given high interest rates, slowing consumer spending and weaker labour markets. The short-term growth prospects for many developing countries – particularly in East Asia, Western Asia and Latin America and the Caribbean – are also deteriorating because of tighter financial conditions, shrinking fiscal space and sluggish external demand.

Low-income and vulnerable economies are facing increasing balance-of-payments pressures and debt sustainability risks. Economic prospects for small island developing States, in particular, will be constrained by heavy debt burdens, high interest rates and increasing climate-related vulnerabilities, which threaten to undermine, and in some cases, even reverse gains made on the SDGs, according to the report.

The report further showed that global inflation is projected to decline further, from an estimated 5.7 per cent in 2023 to 3.9 per cent in 2024. Price pressures are, however, still elevated in many countries and any further escalation of geopolitical conflicts risks renewed increases in inflation.

In about a quarter of all developing countries, annual inflation is projected to exceed 10 per cent in 2024, the report highlighted, showing that since January 2021, consumer prices in developing economies have increased by a cumulative 21.1 per cent, significantly eroding the economic gains made following the COVID-19 recovery. Amid supply-side disruptions, conflicts and extreme weather events, local food price inflation remained high in many developing economies, disproportionately affecting the poorest households.

“Persistently high inflation has further set back progress in poverty eradication, with especially severe impacts in the least developed countries,” said United Nations Under- Secretary-General for Economic and Social Affairs, Li Junhua,.

He said: “It is absolutely imperative that we strengthen global cooperation and the multilateral trading system, reform development finance, address debt challenges and scale up climate financing to help vulnerable countries accelerate towards a path of sustainable and inclusive growth.”

According to the report, the global labour markets have seen an uneven recovery from the pandemic crisis. In developed economies, labour markets have remained resilient despite a slowdown in growth. However, in many developing countries, particularly in Western Asia and Africa, key employment indicators, including unemployment rates, are yet to return to pre- pandemic levels. The global gender employment gap remains high, and gender pay gaps not only persist but have even widened in some occupations.
Stronger international cooperation needed to stimulate growth and promote green transition.

It advised that Governments will need to avoid self-defeating fiscal consolidations and expand fiscal support to stimulate growth at a time when global monetary conditions will remain tight, adding that Central banks around the world continue to face difficult trade-offs in striking a balance between inflation, growth and financial stability objectives. Developing country central banks, in particular, will need to deploy a broad range of macroeconomic and macroprudential policy tools to minimize the adverse spillover effects of monetary tightening in developed economies.

Furthermore, the report emphasized that robust and effective global cooperation initiatives are urgently needed to avoid debt crises and provide adequate financing to developing countries. Low-income countries and middle-income countries with vulnerable fiscal situations need debt relief and debt restructuring to avoid a protracted cycle of weak investment, slow growth and high debt-servicing burdens.

It added that in addition, global climate finance must be massively scaled up. Reducing – and eventually eliminating – fossil fuel subsidies, following through on international financing commitments, such as the $100 billion pledge to support developing countries, and promoting technology transfer are critical for strengthening climate action worldwide. It also underscores the ever- increasing role of industrial policies to bolster innovation and productive capacity, build resilience and accelerate a green transition.

UN Report: 2024 Could Errand Protracted Period of Low Growth

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What Niamey’s Airport attack means for Niger, West Africa and Sahel

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What Niamey’s Airport attack means for Niger, West Africa and Sahel

By: Zagazola Makama

Niamey woke up in the morning of Thursday to disturbing reports of heavy gunfire and explosions around the airport zone an area that hosts Niger’s air force base, the headquarters of the joint Sahel force with Mali and Burkina Faso, and a strategic stockpile of uranium.

For nearly two hours, residents heard detonations, saw flashes in the sky resembling anti-aircraft fire, and reported buildings and vehicles in flames. Calm has since returned, but clarity has not.

At the time of writing, no official statement has fully explained what happened. No group has claimed responsibility. And while authorities insist the situation is under control, the silence leaves space for speculation in a region already on edge.

The location alone makes the event highly sensitive. The Niamey airport zone is not an ordinary district. It is the nerve centre of Niger’s air power and regional military coordination. It also hosts uranium stocks, a strategic resource with both national and international implications.

Any shooting in this area automatically raises three big questions: Was this an external attack, an internal security incident, or a mutiny? Some sources suggest the firing may have come from inside the base, which points to the possibility of an internal breach or unrest. If true, this would indicate deep cracks within Niger’s security architecture.

Was a strategic asset targeted? Even if the uranium was not hit, the fact that fighting occurred near such a site elevates the risk level for Niger and its partners. What does this say about control under the current junta? Since Gen. Abdourahamane Tiani took power, Niger has continued to lose it grip on issues of national security. An incident of this scale in the capital challenges that narrative.

For Nigeria, the situation in Niger is not remote. The two countries share a long, porous border, strong trade ties, and deep security interdependence. If Niger’s capital can experience hours of unexplained gunfire around its most sensitive installations, then cross-border insecurity risks increase. Any weakening of control in Niamey could embolden armed groups across the Sahel, including those operating near Nigeria’s northern frontier.

The Sahel’s security architecture looks more fragile. Niger, Mali and Burkina Faso have positioned themselves as a new security bloc after breaking with ECOWAS. Incidents like this brings to the fore about how cohesive and effective that bloc really is. Strategic resources become geopolitical flashpoints. Uranium is not just a Nigerien issue; it has global implications. Any instability around such assets invites international concern and possible pressure.

There is no confirmed evidence yet of a foreign attack, a coup attempt, or a direct operation against uranium. So panic would be premature.
But silence is just as dangerous. In security matters, the absence of clear communication feeds rumours, conspiracy theories and political manipulation. In the Sahel’s volatile environment, that can quickly become destabilising.

What Niamey’s Airport attack means for Niger, West Africa and Sahel

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Mysterious attack rocks Niger Air Base in Niamey, raises fears of mutiny

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Mysterious attack rocks Niger Air Base in Niamey, raises fears of mutiny

By: Zagazola Makama

A major security breach has hit Niger’s capital, Niamey, following a midnight attack on Air Base 101, damaging key military assets and deepening concerns about instability under the junta led by Gen. Abdourahamane Tchiani.

Multiple security sources said explosions were heard around 12:00 a.m. on Wednesday at the strategic air base located near the Diori Hamani International Airport.

The attack reportedly destroyed or disabled several aerial assets, including drones and fixed-wing aircraft, and severely damaged the Unified Force Command Centre.

Four civilian aircraft on the tarmac, including one operated by ASKY Airlines, were also affected, though no passengers were onboard at the time.

Sources said two trucks transporting uranium materials within the base perimeter were hit, but their cargo remained intact, averting a potentially larger disaster.

There were confirmed casualties, with ambulances seen moving in and out of the base area through the night. Some of the attackers were reportedly killed, while others were arrested and taken into custody by Niger’s intelligence services.

However, the identity of those behind the assault remains unclear.

While early speculation pointed to jihadist involvement, no armed group has claimed responsibility. Other security sources told Zagazola that the operation appeared to have been launched from inside the air base, suggesting a possible mutiny rather than an external terrorist strike.

“The pattern of the attack and access to sensitive areas strongly indicate insider involvement,” one regional security analyst said.

The incident has intensified fears that Gen. Tchiani is losing control over key institutions, especially the military, raising serious implications for Niger’s stability and for neighbouring countries, including Nigeria.

Niger plays a critical role in regional security in the Sahel, and any further breakdown of command and control could create new risks for border states already battling terrorism and banditry.

As of the time of filing this report, Niger’s authorities had yet to issue an official statement on the incident.

Mysterious attack rocks Niger Air Base in Niamey, raises fears of mutiny

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Alleged terrorism: Rescued victims filed complaints against Tukur Mamu- DSS Witness

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Alleged terrorism: Rescued victims filed complaints against Tukur Mamu- DSS Witness

A Department of State Services (DSS)’ investigator, on Thursday, told the Federal High Court in Abuja that many of the rescued victims of the 2022 Abuja-Kaduna bound train attack lodged complaints in their office against alleged terrorist negotiator, Tukur Mamu.

The DSS operative, who testified as 6th prosecution witness (PW-6) in the ongoing terrorism trial of Mamu, made the disclosure to Justice Mohammed Umar while being cross-examined by the defence counsel, Johnson Usman, SAN.

The lawyer had asked the witness, who gave his testimony behind a witness screen for security reasons, “to confirm to court if any of the rescue victims, including the wife of the Commandant in Jaji, made any complaint against the defendant to the DSS.”

Responding, the witness said: “Yes, my lord.”

When Usman further asked the witness if the complaint by the rescued victims was either in writing or oral, he said it was in writing.

The DSS’ lawyer, David Kaswe, however, prayed the court to restrain Usman from delving into questions that might touch on the identity of victims or witnesses in the case since the court had granted protection to all.

Responding, Usman told the court that none of the names he called was a witness before the court.

“Even though my lord has granted an order for trial in camera, a trial in camera is not to prejudice the defendant,” he said.

The witness said he interviewed six victims in the course of the investigation.

When he was asked if the six victims were interviewed in the presence of Mamu, the PW-6 responded in the negative.

The witness told the court that he was not a vocologist, having not studied sound in higher institution.

He, however, confirmed that the audio exhibit tendered by the prosecution was the extract of the transcribed audio between Mamu and the terrorists.

When he was asked if he interviewed a former Chief of Defence Staff, General Lucky Irabor (retd.), he said the army chief was not interviewed.

The witness, however, admitted that General Abdulkadir Abubakar was interviewed in the course of investigation.

“When you interviewed him, was it in the presence of the defendant?” the lawyer asked and he said: “No my lord.”

“Did you interview Sheikh Gumi?” Usman asked and the witness responded in the affirmative.

“Was it in the presence of the defendant?” Usman asked.

“No my lord,” the witness responded.

“Did you interview Major General Idris Garba?”

“No my lord,” the PW-6 said.

“Did you interview General Jalingo?” the lawyer asked, and he said: “Yes, my lord.”

The witness said General Jalingo was not interviewed in Mamu’s presence.

“Finally, did you interviewed Hannafi of Defence Military Intelligence,” the lawyer asked and the witness responded in the negative.

“Confirm to court, whether at any time in the course of your investigation, you brought members of the Chief of Defence Staff (CDS) Committee for interview in the presence of the defendant,” Usman asked and the witness responded in the negative.

“Please confirm whether you are aware that the defendant has requested that you brought members of the CDS Committee face to face with him for interview,” the lawyer asked and the witness said: “Yes, he did.”

“Confirm whether the request of the defendant to have the CDS and others involved gathered together for interrogation was granted,” Usman asked, and the witness said:”No, my lord.”

When Usman asked the witness to confirm that Mamu told him that he is a publisher of a newspaper and magazine, the witness said: “Yes, he said so.”

When the lawyer asked the witness to confirm that Mamu told him his means of income was derived from his journalism business, the PW-6 said: “Yes, he claimed “

“As investigator, did you investigate this claim,” the lawyer asked.

“Yes, we did,” he responded.

After the cross-examination, Kaswe told the court the prosecution’s intention to close its case.

“So that we can allow the defendant to enter his defence if they are ready,” he said.

But Usman told the court that they would rather apply for a date to open their defence, .

“We will not file a no-case submission so that the world can see it and God can see it all,” he said.

Justice Umar adjourned the matter until April 23 for Mamu to open his defence.

Alleged terrorism: Rescued victims filed complaints against Tukur Mamu- DSS Witness

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