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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: Ferran Torres the Hero as Spain Beat Argentina to Capture 2026 FIFA World Cup

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BREAKING: Ferran Torres the Hero as Spain Beat Argentina to Capture 2026 FIFA World Cup—-Substitute Ferran Torres struck the decisive extra-time winner as Spain edged defending champions Argentina 1-0 to lift their second FIFA World Cup title and complete a historic double as reigning men’s European and world champions.

Spain were crowned 2026 FIFA World Cup champions after defeating defending champions Argentina 1-0 following extra time in a tense and tactical final at New York New Jersey Stadium on Sunday.

After 90 minutes of relentless intensity failed to separate the two footballing giants, substitute Ferran Torres emerged as Spain’s hero, scoring the only goal of the match in the 106th minute to hand La Roja their second World Cup crown, 16 years after their maiden triumph in South Africa.

Luis de la Fuente’s side controlled much of the contest from the outset, dominating possession and creating the better opportunities against an Argentina team chasing back-to-back World Cup titles. Spain finished the match with 15 attempts on goal and won nine corners, while Lionel Scaloni’s men struggled to impose themselves in attack, failing to register a shot on target for long periods of the encounter.

Spain’s patient approach was finally rewarded early in extra time. Following sustained pressure around Argentina’s penalty area, Ferran Torres collected the ball inside the box before unleashing a powerful left-footed strike beneath the crossbar, leaving goalkeeper Emiliano Martínez with no chance and sending the Spanish supporters into wild celebrations.

Argentina’s task became even more difficult after midfielder Enzo Fernández was shown a second yellow card in stoppage time of normal time, forcing the reigning champions to play the remainder of the contest with ten men. Despite the numerical disadvantage, Argentina fought until the final whistle but were unable to break down Spain’s disciplined defence.

Goalkeeper Unai Simón produced another assured performance behind a well-organised back line marshalled by Pau Cubarsí and Aymeric Laporte, while Rodri once again dictated the tempo in midfield. Teenager Lamine Yamal also impressed throughout the tournament, capping a breakthrough World Cup campaign by helping Spain reach the summit of world football.

The victory crowns a remarkable era for Spanish football under Luis de la Fuente. Having already won UEFA Euro 2024 and the UEFA Nations League, Spain now add the FIFA World Cup to their growing list of honours, becoming world champions for the first time since 2010. The triumph also makes Spain the first nation to simultaneously hold both the men’s and women’s FIFA World Cup titles.

For Argentina, the defeat brought an end to their bid to retain the trophy they lifted in Qatar four years earlier. Lionel Messi and his teammates had reached the final after dramatic victories over England and Switzerland in the knockout rounds, but they were ultimately denied by a composed Spanish side whose consistency and tactical discipline proved decisive on football’s biggest stage.

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BREAKING: Chelsea Reach Verbal Agreement for £117m Morgan Rogers Signature From Aston Villa

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BREAKING: Chelsea Reach Verbal Agreement for £117m Morgan Rogers Signature From Aston Villa—-The Blues have reportedly beaten Arsenal to the signing of Aston Villa star Morgan Rogers in a British-record £117 million deal, with the England international set for a medical before completing a long-term move to Stamford Bridge.

Chelsea have reached a verbal agreement with Aston Villa to sign England international Morgan Rogers in a blockbuster deal worth £117 million, bringing them to the brink of completing one of the biggest transfers in Premier League history. The agreement, which is now being finalized, would make Rogers the most expensive English footballer ever if completed.

The 23-year-old attacking midfielder is expected to undergo a medical on Monday before signing a six-year contract running until 2032, with Chelsea holding the option to extend the deal by a further year. Personal terms have already been agreed, with new head coach Xabi Alonso playing a pivotal role in convincing the player that Stamford Bridge was the right destination for the next stage of his career.

Arsenal had identified Rogers as one of their primary attacking targets this summer and were preparing to intensify negotiations with Aston Villa. However, Chelsea moved swiftly to secure a club-to-club agreement before the Gunners could submit a formal offer. Reports indicate that Rogers made it clear Chelsea was his preferred destination after discussions with Alonso and the club’s hierarchy.

Rogers arrives on the back of a sensational campaign for Aston Villa, establishing himself as one of the Premier League’s standout performers. He registered 14 goals and 12 assists in 55 appearances across all competitions, helping Villa lift the UEFA Europa League and qualify for the UEFA Champions League. His impressive club form also earned him a key role in England’s run to the semi-finals of the 2026 FIFA World Cup.

The proposed £117 million fee surpasses Chelsea’s previous club-record signing of Moisés Caicedo and highlights the club’s determination to build a squad capable of challenging for the Premier League title under Alonso. Rogers is expected to add versatility to Chelsea’s attack, with the ability to operate as a left winger, attacking midfielder or second striker.

For Aston Villa, the transfer represents a remarkable financial return. The Midlands club signed Rogers from Middlesbrough in 2024 for a fee that could rise to around £15 million, meaning they stand to make a profit of more than £100 million. Middlesbrough are also expected to benefit significantly through a sell-on clause included in the original transfer agreement.

While neither Chelsea nor Aston Villa has officially confirmed the transfer, all major terms are understood to have been agreed. Barring any late complications during the medical or final paperwork, Rogers is expected to become Chelsea’s marquee signing of the summer, with an official announcement anticipated in the coming days.

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