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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: Lionel Messi’s Father Jorge Messi Dies at 68 After Long Illness

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BREAKING: Lionel Messi’s Father Jorge Messi Dies at 68 After Long Illness—-Jorge Messi, the longtime agent and father of Argentina and Inter Miami superstar Lionel Messi, has died in Rosario after battling an undisclosed illness.

Jorge Messi, the father and longtime representative of football superstar Lionel Messi, has died at the age of 68, bringing an end to the life of a man who played a central role in shaping one of the greatest careers in football history.

Jorge died on Friday night at a medical clinic in Rosario, Argentina, following a long illness, according to the Messi family and reports from Reuters and the Associated Press. His death comes less than two months after Lionel Messi and Argentina competed at the 2026 FIFA World Cup.

For decades, Jorge remained one of the most important figures behind his son’s extraordinary career. He served as Lionel’s agent from his teenage years and was closely involved in the major decisions that took the Argentine from a gifted youngster in Rosario to global football superstardom.

Born and raised in Argentina, Jorge worked in the steel industry before becoming heavily involved in his son’s football career. He supported Lionel from his earliest days at Newell’s Old Boys and later accompanied him when the young footballer travelled to Spain to pursue an opportunity with Barcelona’s famed La Masia academy.

That journey ultimately transformed the Messi family’s life. Lionel went on to become one of the most decorated players in football history, winning numerous domestic titles, Champions League trophies, individual awards and the 2022 World Cup with Argentina.

Jorge remained closely involved throughout that journey, handling much of his son’s professional representation and business affairs. He was involved in contract negotiations and major career moves, including Lionel’s departures from Barcelona and subsequent transfers to Paris Saint-Germain and Inter Miami.

The Messi family had previously asked the public and media to respect their privacy regarding Jorge’s health. In June, the family confirmed that he was receiving medical treatment for an undisclosed health condition after false reports about his death circulated during the World Cup.

Jorge’s illness also became an emotional backdrop to Lionel’s participation in the 2026 World Cup. The Argentina captain had spoken about personal difficulties surrounding his father’s condition during the tournament, with his family keeping details of the illness private.

News of Jorge’s death has prompted tributes from across the football world. Newell’s Old Boys, the Rosario club where Lionel began his youth career, expressed condolences and recognized Jorge’s importance to the Messi family’s connection with the club. CONMEBOL also joined the football community in mourning his passing.

Beyond being Lionel Messi’s representative, Jorge was remembered as a father who stood behind his son’s ambitions from childhood. His influence extended from the football pitches of Rosario to the biggest stadiums in Europe and the world, as he helped guide Lionel through the challenges that accompanied his extraordinary rise.

For Lionel Messi, the loss marks the passing of a deeply influential figure in both his personal and professional life. Jorge was not only the man who helped manage his son’s career but also one of the people who witnessed and supported the journey from a young boy with extraordinary potential to a World Cup-winning football icon.

Jorge Messi was 68. His legacy will remain closely connected to the remarkable story of his son and the extraordinary football career that followed their journey from Rosario to the global stage.

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JUST IN: Chelsea Strike €19m Deal to Sign Pep Chavarría from Rayo Vallecano

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JUST IN: Chelsea Strike €19m Deal to Sign Pep Chavarría from Rayo Vallecano—-The Blues have reached an agreement to sign the experienced Spanish left-back, with Xabi Alonso identifying Pep Chavarría as the ideal replacement following Marc Cucurella’s departure.

Chelsea have reached an agreement with Rayo Vallecano to sign Spanish left-back Pep Chavarría in a deal worth €19 million (£16.3m) plus performance-related add-ons, strengthening Xabi Alonso’s defensive options ahead of the new Premier League season.

The 28-year-old is expected to undergo a medical before completing the move to Stamford Bridge after Chelsea and Rayo finalized the final details of the transfer. Personal terms had already been agreed, leaving only club-to-club negotiations to be completed before Fabrizio Romano gave the deal his trademark “Here We Go.”

Chelsea’s pursuit of Chavarría has lasted more than a month, with the Spaniard emerging as Xabi Alonso’s preferred target to fill the void left by Marc Cucurella’s departure to Real Madrid. While the Blues considered several alternatives during the transfer window, club officials consistently viewed Chavarría as the best fit for Alonso’s tactical system because of his energy, defensive discipline and ability to contribute in attack.

Chavarría arrives after enjoying an impressive spell in La Liga with Rayo Vallecano. Since joining the Madrid-based club from Real Zaragoza in 2022, he has developed into one of Spain’s most reliable full-backs, making more than 120 appearances and playing a key role in Rayo’s remarkable run to last season’s UEFA Conference League final. His tireless work rate, overlapping runs and defensive consistency earned praise across Spain and attracted interest from several European clubs before Chelsea won the race for his signature.

The signing continues Chelsea’s aggressive recruitment drive under Alonso. The Blues have already strengthened several areas of the squad this summer, and Chavarría is expected to provide immediate competition at left-back while adding valuable experience to one of the Premier League’s youngest squads. Club officials believe his maturity and tactical intelligence will complement Chelsea’s youthful core as they prepare to challenge on multiple fronts.

Speaking earlier this week, Sky Sports reported that negotiations accelerated after Chelsea submitted an improved offer, with Rayo Vallecano ultimately accepting a package below the player’s release clause. The transfer represents another example of Chelsea acting decisively in the market after identifying their primary target early in the window.

Barring any late complications during his medical, Chavarría is expected to become Chelsea’s latest summer signing in the coming days. His arrival will provide Alonso with a proven left-sided defender capable of contributing at both ends of the pitch as the Blues continue reshaping their squad for the 2026–27 campaign.

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