G-24 warns Middle East war and global crises undermine economic growth, urges multilateral support
via Punch Nigeria9 hours ago4 min read
The G-24, a coalition of developing countries, has expressed significant concern over multiple global political crises and conflicts, particularly highlighting the escalating war in the Middle East. The group warns that this conflict is worsening global economic fragility and undermining growth prospects, especially for emerging markets and developing countries like Nigeria. The G-24 noted that the war is causing deterioration in the well-being of affected populations and damaging civilian infrastructure, taking a substantial toll on an already weak global economy. They project a decline in global growth by 2026 relative to 2025, with sustained disruptions potentially increasing inflation through higher energy, food, and fertilizer prices. The group emphasized the importance of safeguarding international maritime routes and called for an end to attacks on energy infrastructure. Amid an uncertain medium-term global growth outlook, the G-24 stressed the need for stronger multilateral support and increased development assistance, as traditional policy responses may be insufficient. They called for a stronger Global Financial Safety Net anchored by a well-resourced International Monetary Fund, urging timely completion of quota reviews to enhance the voice of developing economies. The G-24 also pressed the IMF to adapt its lending toolkit and review key frameworks. Regarding development financing, the group urged the World Bank Group to maximize its balance sheet to boost lending
Stay in the loop
Get the pulse of Africa in your inbox
Free daily or weekly digest of the most important stories from across 10 countries. No spam, unsubscribe any time.
#nigeria#NigeriaNews#nigeriansindiaspora#abujanigeria#lagos
Original source
This summary was AI-generated from a story originally published by Punch Nigeria.
