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UN Report: 2024 Could Errand Protracted Period of Low Growth
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
NMA: Zulum congratulates newly elected President, Prof Bala
By: Our Reporter
Borno State Governor, Babagana Umara Zulum, extended his warm congratulations to Professor Bala Muhammad Audu on his victory in the recent Nigerian Medical Association (NMA) election held during its annual delegates conference in Calabar on Saturday.
Zulum, in a statement released by his Senior Special Assistant on New Media, Abdurrahman Ahmed Bundi, on Sunday, tasked Professor Bala to be dedicated and steadfast in transforming the medical profession.
He said, “As you prepare to take on the immense responsibilities that come with the highest office in the Nigerian Medical Association, I urge you to remember the core values that have guided your journey thus far: honesty, humility and a steadfast dedication to your duties.
“The challenges ahead are great, but with your wisdom and vision, I am confident that you will steer the affairs of the medical association towards attaining enhanced medical education and improving access to healthcare.”
“I implore you to prioritise technology and innovation to modernise healthcare delivery and promote evidence-based healthcare service delivery across the country,” Zulum said.
Prof. Bala’s emergence was announced on Saturday by the Nigerian Medical Association via its social media page, X, formerly known as Twitter.
Eight national officers emerged, including 1st Vice President – Benjamin Olowojebutu, 2nd Vice President- Usha Anenga and Ben Egbo as Secretary General.
Prof. Bala Audu, an indigene of Borno, is a highly accomplished Consultant Obstetrician and Gynaecologist with extensive experience and a strong academic background. His career spans several prestigious institutions in Nigeria, where he has held various leadership positions.
Dr. Bala has been a Professor of Obstetrics and Gynaecology at the College of Medical Sciences, University of Maiduguri, since 2009. He also held the position of Professor and Provost at the College of Medical Sciences, Abubakar Tafawa Balewa University, Bauchi, Nigeria, from 2017 Health Sciences, Azare.
NMA: Zulum congratulates newly elected President, Prof Bala
Dabiri-Erewa Lauds Duke, Duchess of Sussex for Invictus Games Centre in Nigeria
By: Michael Mike
The Chairman/CEO, Nigerians in Diaspora Commission (NiDCOM), Hon. Abike Dabiri-Erewa has commended the Duke and Duchess of Sussex, Prince Harry and Meghan Markle, for their innumerable philanthropic works to society, especially for injured, sick and traumatised soldiers and war veterans.
She gave the commendatio at the welcome banquet held in their honour by the Chief of Defence Staff, General Christopher Gwabin Musa, in Abuja.
The NiDCOM Chairman/CEO stated that the kind gesture from them will empower the wounded soldiers, who have sacrificed their lives to protect the country.
“The initiative for the proposal to cite the Invictus Centre in Nigeria to support the categories of soldiers mentioned above is not only laudable but also a testament of our commitment as a country to look after those who have suffered in one way or the other in the line of duty to protect our nation”, she said.
The NiDCOM boss added that this visit would also boost Nigeria’s quest and interest to host the Invictus Games 2027 and enhance the proposal to cite the Invictus Centre in Nigeria in support of the wounded, injured and sick war veterans, among others.
In addition, Dabiri-Erewa who learnt that Meghan Markle is 43 percent Nigerian after having her genealogy (DNA) done in 2022, commended the Duchess for being an embodiment of the Nigerian woman and her activities towards women and girl-child empowerment.
She used the opportunity to welcome the Duchess to Nigeria and extended an invitation to attend the Annual Badagry Door of Return Festival in Lagos.
Prince Harry, who is the founder of the Invictus Games Foundation stated that in the 10 years of the Invictus Games, one remarkable moment was to have the Nigerian team win gold and bronze medals at their first outing in the 2023 games held in Düsseldorf, Germany.
He expressed his pleasure at Nigeria joining the Invictus Games and hoped to witness more participation.
Also, the Duke of Sussex is certain that the proposed Invictus Games Centre in Nigeria will bring succour to the injured, sick and traumatised army men and women.
The Duke, who served as a member of the Royal Armed Forces in the UK, assured his commitment in collaborating with the Nigerian Armed Forces, especially with the Centre in Nigeria, which he is enthusiastic about.
He further appreciated the warm hospitality he and his wife had received since their arrival to Nigeria, while calling on everyone to support and respect the Armed Forces, especially the injured soldiers.
The Minister of Defence, Mohammed Badaru Abubakar was delighted that such a facility will be built in the country adding that this gesture is apt, given the sacrifices the soldiers have made to defend the country.
Also, Major General Uche Agbor representing the Chief of Army Staff, Lieutenant General Taoreed Lagbaja, said that the Nigerian Army will continually cater to the welfare of its soldiers, especially post-war and injured ones.
He thanked the royal couple for choosing Nigeria to build a centre during this historic visit, which he believes will rehabilitate the victims to become the best versions of themselves, irrespective of the present challenge facing them.
In addition, Hajia Zainab Shinkafi-Bagudu, wife of the Minister of Budget and Planning, Abubakar Atiku Bagudu said she is pleased at their visit to help the wounded soldiers.
Bagudu who is an advocate for girl-child education, as well as, cancer patients, especially for women, noted that this will go a long way to give hope to the army personnels who were injured in their line of duty.
Furthermore, the Chief of tDefence Staff added that Nigeria was well represented at its first participation at the Invictus Games last year where the
players who despite all odds, excelled greatly, showing that limitation is of the mind, and everyone can be great in whatever field they find themselves.
Some of the major highlights were the gift presentations of African attire by Hon. Abike Dabiri-Erewa, and another by the Nigerian Army Officers’ Wives Association (NAOWA) in conjunction with the Defence and Police Officers’ Wives Association (DEPOWA) to the Duke and Duchess.
The royal couple arrived in Nigeria on Friday, at the invitation of General Christopher Gwabin Musa, following the nation’s maiden appearance at the 2023 Invictus Games, held in Düsseldorf, Germany.
The Invictus Games Foundation “offers a recovery pathway for international wounded, injured and sick servicemen and women (WIS)”. The Foundation “collaborates to provide opportunities for post-traumatic growth: enabling those involved to reclaim their purpose, identity and future, beyond injury”.
Dabiri-Erewa Lauds Duke, Duchess of Sussex for Invictus Games Centre in Nigeria
Zulum condoles Buni over death of Emir of Tikau
By: Our Reporter
Borno State Governor, Babagana Umara Zulum, has extended his commiseration to the Governor of Yobe State, Mai Mala Buni, following the demise of the Emir of Tikau, Alhaji Mohammed Abubakar Ibn Grema.
Governor Zulum received the shocking news of the death of one of Yobe’s first-class emirs, Alhaji Mohammed Abubakar Ibn Grema, while on an official trip to New York City.
Zulum’s condolence message was released Saturday night by his SSA on New Media, Abdurrahman Ahmed Bundi.
The release quoted the Governor saying, “I am deeply saddened to hear of the passing of the Emir of Tikau and I extend my heartfelt condolences to Governor Mai Mala Buni, the people of Tikau Emirate and the entire Yobe State during this difficult time.”
He added, “the loss of a respected figure like the Emir of Tikau is a tragedy. His contributions to the community and his legacy will be remembered and cherished by all who know him. His wisdom, kindness, and leadership have left an indelible mark on the hearts of many.”
The late emir died on Friday after a brief illness in Postiskum town; he died at the age of 70 after spending 25 years on the throne.
Zulum condoles Buni over death of Emir of Tikau
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