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UN Forecasts 2.4 % Global Growth Slowdown

UN Forecasts 2.4 % Global Growth Slowdown In 2024

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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.

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BREAKING: Cristiano Ronaldo Breaks Silence on Portugal Exit, Accuses Jorge Jesus of Breaking His Word

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BREAKING: Cristiano Ronaldo Breaks Silence on Portugal Exit, Accuses Jorge Jesus of Breaking His Word—-The 41-year-old Portugal captain apologised for leaving the national-team camp but said he remains available for selection after serving any punishment imposed by the Portuguese Football Federation.

Cristiano Ronaldo has broken his silence over his controversial departure from the Portugal national team camp, accusing head coach Jorge Jesus of breaking his word twice and revealing the circumstances that led him to walk away from the squad.

In a lengthy statement released on Tuesday, October 6, Ronaldo gave his own account of the dispute, while also apologising to his teammates and Portuguese supporters for leaving the camp ahead of Portugal’s Nations League fixture against Denmark.

Despite the fallout, Ronaldo made it clear that he has not walked away from international football and remains willing to represent Portugal again.

“If I’m physically fit, playing for my club and scoring goals, after serving whatever suspension is imposed on me, I’ll be available, as I have always been until now, to compete and win for our national team,” Ronaldo said in his statement.

Ronaldo Reveals What Happened

According to Ronaldo, his initial discussions with Jorge Jesus were centred on managing his workload because of his fitness.

The Portugal captain said Jesus had originally agreed that he would miss the matches against Norway and Denmark as part of a plan to manage his physical condition.

However, Ronaldo claimed that shortly before the Norway match, Jesus told him he would play for approximately 30 minutes.

Ronaldo said he subsequently warmed up from halftime but was never introduced.

“Everyone knows the rest. I warmed up from halftime onwards, watched the minutes tick by and wasn’t called on,” Ronaldo said, describing the incident as the first occasion when Jesus had broken his word to him.

The forward said the situation became even more difficult after a subsequent meeting involving Jesus and Al Nassr sporting director Simao Coutinho.

Ronaldo said they agreed that Jesus would publicly clarify the circumstances surrounding his decision not to use him against Norway.

An eight-point document was reportedly prepared, with Ronaldo saying it made clear that he had never demanded playing time, had respected the coach’s decisions and that asking him to warm up without eventually introducing him had been a mistake.

However, Ronaldo claimed that Jesus’ subsequent public comments did not reflect the agreement they had reached privately.

He therefore accused the coach of breaking his word for a second time.

“It was the second time he had broken his word to me,” Ronaldo said. “I decided to leave the training camp without waiting for any further broken promises.”

Ronaldo Apologises to Portugal

Ronaldo also accepted responsibility for his decision to leave the squad.

The veteran forward apologised to his teammates for abandoning the training camp and admitted that his position as Portugal captain made the incident more serious.

“I owe an apology to my national team teammates for having left the camp,” Ronaldo said.

He also apologised to Portuguese supporters for failing to greet them following the Norway match.

However, Ronaldo insisted that he believed leaving was ultimately the right decision after he felt his continued presence could negatively affect the team.

He said he was prepared to accept whatever disciplinary action the Portuguese Football Federation decides to impose.

“The consequences of my actions must be assessed and punished by the Portuguese Football Federation,” he stated.

Ronaldo Rules Out a Permanent Exit

Despite the controversy, Ronaldo insisted that his future with Portugal remains open.

The five-time Ballon d’Or winner rejected the suggestion that he was simply seeking a farewell appearance before permanently ending his international career.

He said Portugal may eventually organise one or more farewell matches, but stressed that his immediate priority remains competing for the national team rather than simply receiving a ceremonial goodbye.

Ronaldo’s statement therefore leaves the door firmly open for a return once any suspension has been served.

“I will be available, as I have always been until today, to compete and win for our national team,” he said.

Jorge Jesus Gives a Different Account

Ronaldo’s version of events has not gone unchallenged.

Jesus previously denied that he had reached the specific agreement described by Ronaldo, while also making clear that the door to a return remained open.

The Portugal coach has maintained that Ronaldo can return to the national team if he wants to, leaving the next step largely in the player’s hands.

The Portuguese Football Federation had not immediately issued a response to Ronaldo’s latest statement.

Ronaldo’s Portugal Future

The dispute comes at a delicate stage of Portugal’s international campaign, with the team progressing under Jesus while Ronaldo’s future remains uncertain.

Ronaldo’s latest statement, however, removes one major question: he has not closed the door on Portugal.

At 41, the veteran captain remains determined to contribute whenever he is fit and selected, even after acknowledging that his decision to leave camp could result in disciplinary punishment.

For now, the focus shifts to the Portuguese Football Federation, which must decide whether Ronaldo will face a suspension and how the latest dispute will affect his relationship with Jesus and the national team.

Ronaldo’s message was ultimately clear: the departure was a consequence of what he described as a breakdown of trust — but it was not a declaration that his Portugal career is over.

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

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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.

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