News
World Bank predicts decline in global economic growth
Global economic growth is expected to decline in 2025 due to increased trade barriers and policy uncertainty, the World Bank has said.
Growth is projected to weaken to 2.3 per cent, or nearly half a percentage point lower than expected at the start of the year, according to the Global Economic Prospects report.
“The global outlook is predicated on tariff rates close to those of late May prevailing,” it said in a report on Tuesday,
“Accordingly, pauses to previously announced tariff hikes between the United States and its trading partners are assumed to persist.”
Although a global recession is not expected, average global growth is on track to be the slowest of any decade since the 1960s.
Growth forecasts are being slashed in nearly 70 per cent of all economies, with the poorest countries most affected.
In most developing countries, nearly 60 per cent, growth should average 3.8 per cent in 2025 before reaching an average 3.9 per cent in the following two years – more than a percentage lower than the average in the 2010s.
The slowdown will impact efforts by developing countries in areas such as job creation, poverty reduction and closing income gaps with richer economies.
“The world economy today is once more running into turbulence. Without a swift course correction, the harm to living standards could be deep.
The report calls for rebuilding trade relations as “economic cooperation is better than any of the alternatives – for all parties,” said Indermit Gill, Senior Vice President and Chief Economist.
Countries are also urged to improve business climates and to promote employment by ensuring workers are equipped with necessary skills.
In a related development, the World Food Programme (WFP) has reported that for the first time ever, it has no prepositioned food supplies in Haiti for the hurricane season, which lasts from June to November.
WFP also said staffers do not have the financial resources to respond quickly to an emergency weather event in the country.
Other UN agencies have prepositioned water and sanitation kits for 100,000 and health supplies for 20,000 people. However, these are not sufficient, especially in the absence of food, to meet needs during an emergency.
“The current lack of contingency stocks and operational funds leaves Haiti’s most at-risk communities dangerously unprotected at a time of heightened vulnerability,” Deputy Spokesperson Farhan Haq said in a briefing on Tuesday.
Food insecurity and malnutrition are already rampant, with over half the population facing acute hunger. Haiti is one of five countries worldwide which is experiencing famine-like conditions.
Continuing armed violence by gangs in the capital and in other regions has displaced over one million people, compounding the hunger crisis and limiting access to other basic services such as clean water and health care.
UN agencies in the country estimate that they will need $908 million to continue providing life-saving resources in Haiti, but currently, they have only received $78 million in emergency support.
The Chief of Army Staff (COAS), Lt.-Gen. Waidi Shaibu, has tasked troops of Operation SAVANNAH SHIELD to dominate the battlespace and intensify offensive operations against kidnappers, bandits and other criminal elements in the North Central region.
Shaibu gave the directive yesterday during his maiden operational visit to the Headquarters, Joint Task Force North Central (JTF-NC), at Sobi Barracks, Ilorin.
This is contained in a statement by the Acting Director, Army Public Relations, Col. Appolonia Anele, in Abuja, yesterday.
Shaibu said the Nigerian Army would remain resolute in its constitutional responsibility of safeguarding lives and property, stressing that troops must sustain pressure to decisively deny criminal elements freedom of action.
He assured personnel of continued deployment of combat enablers and operational resources to enhance clearance operations and dismantle criminal hideouts across Kwara and Niger states.
The COAS reaffirmed his commitment to troop welfare, noting that improved welfare remained critical to sustaining morale, operational effectiveness and combat readiness.
He urged the troops to remain disciplined, professional and loyal to the Constitution and the democratically elected government.
Earlier, the Theatre Commander, JTF-NC Operation SAVANNAH SHIELD, Maj.-Gen. Yakubu Yahaya, commended the COAS for his strategic leadership and support.
Yahaya assured that troops would remain committed and steadfast in restoring peace and stability in the region.
The Nigerian Navy says it is expanding training and infrastructure to address emerging security threats and strengthen operational efficiency across formations and units nationwide.
The Chief of Naval Staff, Vice Adm. Idi Abbas, spoke during the inauguration of projects at the Nigerian Navy Basic Training School (NNBTS) in Onne, Rivers as part of activities marking the Nigerian Navy’s 70th anniversary.
Abbas, represented by the Flag Officer Commanding, Naval Training Command (NAVTRAC), Rear Adm. Ebiobowei Zipele, said the projects reflected significant progress made by the navy since its establishment in 1956 from the British Royal Navy.
“Training and infrastructure have improved significantly to meet contemporary security challenges and fulfil the navy’s constitutional responsibilities.”
According to him, the anniversary provides the navy an opportunity to reflect on its achievements and contributions over the past seven decades.
Projects inaugurated included a remodelled female trainees’ hostel accommodating more than 500 occupants and an expanded golf course upgraded from one to nine holes.
Others were the NNBTS fuel dump, Chief Boatswain’s Mate House, renovated pharmacy department and a new theatre block at the Naval Medical Centre, Onne.
Abbas described the new theatre as a major milestone for the navy’s medical services.
“Previously, injured personnel requiring surgeries were referred outside the facility.
“With this theatre, surgeries can now be conducted within the base.’’
He added that a 30KVA inverter had also been installed to guarantee uninterrupted electricity supply at the training school.
The naval chief assured officers, ratings and trainees that the navy leadership remained committed to their welfare and wellbeing.
“These infrastructure upgrades show the commitment of the Chief of Naval Staff to addressing operational and welfare challenges promptly,” he said.
In addition, NAVTRAC distributed educational materials to pupils of Community Primary Schools One and Two, Ogale, in Ebubu-Eleme area of Rivers.
Items distributed included exercise books, school bags and other writing materials as part of the navy’s civil-military engagement initiative.
Zipele said the outreach was designed to strengthen relations between the navy and host communities while supporting children’s education.
“Education remains critical to national growth and youth empowerment. Some of these pupils may eventually serve in the Nigerian Navy,” he said.
He noted that the initiative demonstrated the navy’s commitment to educational development, peace, security and sustainable community relations.
Zipele urged the pupils to remain disciplined, focused and committed to their studies while embracing patriotism, integrity and hard work.
He thanked the Ebubu community for its continued support for the naval training command headquarters and the navy.
-
News2 days ago
Obuah’s Victory Excites Former Lawmaker as APC Primaries Conclude in Rivers West
-
Politics4 days agoAPC PRIMARIES: FUBARA’S WITHDRAWAL, HISTORIC SACRIFICE FOR NATIONAL STABILITY ……. GROUP
-
News4 days agoCourt Sentences Seven To Death Over Murder Of Cleric In Rivers
-
News2 days ago
105 Nigerians Killed In S/Africa In Seven Years
-
Sports4 days agoPH Arsenal Community Set For Streets Procession, Saturday
-
Niger Delta2 days agoRoyal Father Endorses PH Arsenal Community, Pledges To Support
-
Politics4 days agoIPAC Flays INEC Over Election Guidelines Judgement
-
Politics4 days agoNDC To Adopt Electronic Voting For Future Primaries