Connect with us
UN Forecasts 2.4 % Global Growth Slowdown

UN Forecasts 2.4 % Global Growth Slowdown In 2024

More Videos

Published

on

UN Forecasts 2.4 % Global Growth Slowdown In 2024—-The UN’s World Economic Situation and Prospects (WESP) report for 2024 projects slowdown in global growth from an estimated 2.7 per cent in 2023 to 2.4 per cent in 2024.

The flagship forecast launched in New York on Thursday indicates that 2023 stronger-than-expected GDP growth coming out of the COVID-19 pandemic masked short-term risks and structural vulnerabilities in the world economy.

The sombre short-term outlook is based on persistently high interest rates, further escalation of conflicts, sluggish international trade, and increasing climate disasters, which all pose significant challenges to global growth.

It points to a prolonged period of tighter credit conditions and higher borrowing costs, presenting strong headwinds for a world economy saddled with debt and in need of more investments to resuscitate growth, fight climate change and accelerate progress towards the Sustainable Development Goals (SDGs)

“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,” UN Secretary General, António Guterres, said.

“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.”

According to the report, global inflation is projected to decline further, from an estimated 5.7 per cent in 2023 to 3.9 per cent in 2024.

It noted that price pressures are still elevated in many countries and any further escalation of geopolitical conflict will add to that.

In about a quarter of all developing countries, annual inflation is projected to exceed 10 per cent in 2024, the report highlights.

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.

“Persistently high inflation has further set back progress in poverty eradication, with especially severe impacts in the least developed countries,” Li Junhua, Head of the UN’s Department of Economic and Social Affairs (DESA), 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.”

The United States, the world’s largest economy, is expected to see a drop in GDP growth from 2.5 per cent in 2023 to 1.4 per cent in 2024.

Consumer spending, a key driver of its economy, is likely to weaken due to various factors, including high interest rates and a softening labour market, the report says.

Meanwhile China, facing domestic and international headwinds, is projected to experience a moderate slowdown with growth estimated at 4.7 per cent in 2024, down from 5.3 last year.

Europe and Japan also face challenges with growth rates forecasted at 1.2 per cent for both regions in 2024.

However, the 2024 WESP report calls for urgent action to address these diverse challenges.

It emphasises the need for strengthened global cooperation, particularly in areas like climate action, sustainable development financing, and addressing the debt sustainability challenges of low and middle-income countries. Enhanced global cooperation is essential.

Facebook 0 Twitter/X 0 LinkedIn0 WhatsApp0 0Shares
Continue Reading
Click to comment

Leave a ReplyCancel reply

Sports

JUST IN: Manchester City Found Guilty of 114 Premier League Financial Charges

Published

on

JUST IN: Manchester City Found Guilty of 114 Premier League Financial Charges—-Manchester City have reportedly been found guilty of all but one of the 115 alleged Premier League financial breaches, with sanctions yet to be determined and the club expected to appeal.

Manchester City have reportedly been found guilty of 114 of the 115 alleged breaches of the Premier League’s financial regulations, bringing a major development to one of the longest-running financial cases in English football.

The reported verdict was delivered by an independent commission following a lengthy hearing into allegations dating back to the 2009-10 season. The Premier League originally charged City in February 2023 following a four-year investigation into the club’s financial affairs.

According to reports from The Athletic and The Times, the independent commission ruled against Manchester City on all but one of the 115 charges.

The allegations covered several areas, including claims that City failed to provide accurate financial information, failed to properly disclose payments to players and coaches, breached UEFA financial regulations and the Premier League’s Profitability and Sustainability Rules, and failed to cooperate with the league’s investigation.

Verdict Yet to Be Publicly Released

Despite the reported outcome, the Premier League has not formally published the commission’s verdict.

A Premier League spokesperson told Reuters that the matter remains confidential and the league would not comment on the reported findings. Manchester City also indicated that the process is not yet complete.

City have consistently denied wrongdoing since the charges were brought and are expected to appeal the reported findings.

The club said the Premier League process remains ongoing, with significant elements still to be completed and subject to strict confidentiality.

What Were Manchester City Charged With?

The 115 charges relate primarily to alleged breaches between 2009 and 2018, while separate allegations concerned the club’s alleged failure to cooperate with the Premier League investigation.

Reports indicate that 54 of the charges relate to alleged failures to provide accurate financial information, while another 35 concern alleged failures to cooperate with the investigation.

Further allegations involved the reporting of player and manager compensation as well as alleged breaches of UEFA financial regulations and the Premier League’s profitability and sustainability rules.

The hearing before the three-person independent commission lasted around 12 weeks and concluded in December 2024. The verdict was then delayed for a prolonged period because of the complexity of the case.

Punishment Has Not Been Decided

Manchester City have not yet been handed a punishment.

The sanctions that could potentially be considered under Premier League rules include financial penalties and sporting sanctions, although the eventual punishment will depend on the commission’s findings and the next stages of the process.

The club’s expected appeal could further prolong the case.

For now, the reported verdict represents a dramatic development in a case that has followed Manchester City for more than three years and covers a period in which the club established itself as one of the dominant forces in English football.

Manchester City maintain their position that they have acted properly and have consistently defended themselves against the allegations.

With the verdict reportedly going against the club on 114 of the 115 charges, attention will now turn to the official publication of the commission’s decision, the sanctions, and Manchester City’s expected appeal.

Facebook 0 Twitter/X 0 LinkedIn0 WhatsApp0 0Shares
Continue Reading

Sports

BREAKING: Haaland Scores Controversial Goal as 10-Men Manchester City Defeat Manchester United at Old Trafford

Published

on

BREAKING: Haaland Scores Controversial Goal as 10-Men Manchester City Defeat Manchester United at Old Trafford—-Erling Haaland struck after a lengthy VAR review to hand 10-man Manchester City a dramatic 1-0 victory over Manchester United in a fiery Manchester derby.

Manchester City secured a dramatic 1-0 victory over Manchester United at Old Trafford on Sunday, with Erling Haaland’s controversial second-half goal settling a fiercely contested Manchester derby.

City were forced to play with 10 men for more than an hour after Phil Foden was sent off in the first half for kicking out at Manchester United captain Bruno Fernandes. Despite their numerical disadvantage, Enzo Maresca’s side remained disciplined and eventually found the breakthrough through Haaland.

The decisive moment arrived around the hour mark when Haaland found the net, only for the assistant referee to immediately raise the flag for offside.

However, after a lengthy VAR review, the decision was overturned and the goal was awarded. Replays showed that Patrick Dorgu’s outstretched foot had played Haaland onside, while Enzo Fernández’s position was deemed not to constitute interference with play.

The decision sparked furious reactions from the home supporters, with Manchester United players also questioning whether Fernández’s position had interfered with their ability to defend the move.

United were handed a major advantage by Foden’s dismissal but failed to capitalise on it. Marcus Rashford and Kobbie Mainoo both struck the woodwork as the hosts desperately searched for an equaliser.

Manchester City’s defence held firm during the closing stages, while goalkeeper Gianluigi Donnarumma produced a crucial late save to deny Bryan Mbeumo and preserve the visitors’ clean sheet.

The victory was particularly impressive given City’s lengthy spell with 10 men and handed Maresca a huge win in his first Manchester derby as City manager.

For Haaland, the goal continued his remarkable record against Manchester United and proved enough to give City all three points in one of the most controversial derbies in recent years.

The result keeps Manchester City’s perfect Premier League start intact, with the champions moving onto 12 points from four matches, level with Arsenal at the top of the table but behind the Gunners on goal difference. Manchester United, meanwhile, remain on just four points after four matches.

Facebook 0 Twitter/X 0 LinkedIn0 WhatsApp0 0Shares
Continue Reading

Trending

Facebook 0 Twitter/X 0 LinkedIn0 WhatsApp0 0Shares