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Countries Risk Sliding Into Recession – Okonjo-Iweala

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Countries Risk Sliding Into Recession - Okonjo-Iweala

Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organization (WTO), issued a warning on Wednesday that several significant economies face a genuine risk of entering a recession.

According to Reuters, Okonjo-Iweala issued the warning as G20 summit leaders denounced Russia’s war against Ukraine in the midst of rising food and fuel prices as well as soaring inflation that was affecting the outlook for the world.

G20 leaders denounce the war in Russia/Ukraine because it has resulted in a lot of suffering.

“It may not happen everywhere, but several key countries risk sliding into recession,” Okonjo-Iweala said on the sidelines of the G20 leaders meeting in Bali, Indonesia.

“Of course, the impact of that can be quite significant for emerging markets and poor countries, which need external demand from the developed countries to recover.

“There are so many uncertainties and most of the risks are on the downside,” such as the fallout from the war in Ukraine and headwinds from inflation, she said.

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The former finance minister of Nigeria claims that there are disadvantages and uncertainties as a result of WTO predictions that global commerce will grow just 1.0% in 2023, significantly less than the projected 3.5% growth this year.

According to reports, US Vice President Joe Biden and Chinese President Xi Jinping had a meeting outside the G20 summit.

The goal of the meeting between the two presidents was to mend strained bilateral ties, which Okonjo-Iweala also raised as one of the concerns weighing on the prospects for a global recovery.

“One doesn’t want to read too much into it, but it’s always good when the two biggest economies in the world talk to each other,” Okonjo-Iweala said of the US-China meeting “Certainly with respect to trade, it’s very helpful.”

“The Americans are consulting actively with other members at an informal level,” she added.

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JUST IN: Iranian President’s Helicopter Crashes In Azerbaijan

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A helicopter carrying President Ebrahim Raisi yencountered a “hard landing” on Sunday.

According to report, the incident took place near Jolfa, a city situated on the border with Azerbaijan, within Iran’s East Azerbaijan province, approximately 600 kilometers northwest of Tehran.

However, details regarding the incident were not disclosed.

The Associated Press noted uncertainty regarding whether  bh   Raisi was onboard the helicopter during the incident.

Despite rescue efforts, adverse weather conditions, including heavy rain and wind, have hindered access to the site, according to state TV.

Before the helicopter incident, President Ebrahim Raisi had been in Azerbaijan on Sunday to participate in the inauguration of a dam alongside Azerbaijan’s President Ilham Aliyev.

This dam marks the third joint construction project between the two nations on the Aras River.

Despite Iran’s diverse helicopter fleet, obtaining parts is hindered by international sanctions, with much of its military air fleet dating back to pre-1979 Islamic Revolution era.

Raisi, aged 63, is known for his hard-line stance and previously served as the country’s judiciary leader.

Considered a protégé of Iran’s Supreme Leader Ayatollah Ali Khamenei, some analysts speculate that Raisi could succeed the 85-year-old leader in the event of his resignation or demise.

 

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Shots Heard As DR Congo Military Thwarts Alleged Coup

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The Democratic Republic of Congo’s military prevented an attempted coup on Sunday near President Felix Tshisekedi’s offices in Kinshasa, as reported by an army spokesperson.The Democratic Republic of Congo’s military prevented an attempted coup on Sunday near President Felix Tshisekedi’s offices in Kinshasa, as reported by an army spokesperson.

According to him, the plot, involving both foreigners and Congolese citizens, unfolded in the early hours outside the residence of Economy Minister Vital Kamerhe in the Gombe district, close to the president’s offices at the Palais de la Nation.

General Sylvain Ekenge announced on national television that the defence and security forces had successfully thwarted the coup attempt.

He said “An attempted coup d’etat has been stopped by the defence and security forces. The foreigners and Congolese…including their leader” would “all no longer cause any harm”.

Shots were heard near the Palais de la Nation during the attempted coup, as confirmed by various sources.

General Ekenge didn’t elaborate further on the incident, and AFP’s attempts to get additional information from official sources remain unanswered.

However by late morning, the city appeared calm.

Early social media reports suggested an armed attack on Kamerhe’s residence, with some assailants heading towards the Palais de la Nation.

“This morning, there was an armed attack at the residence of the economy minister,” wrote Japan’s ambassador Hidetoshi Ogawa on X.

He stated that Kamerhe “was not harmed, but two policemen and an assailant were killed according to sources.”

France’s ambassador reported hearing automatic weapons fire in the area and advised French nationals to steer clear of the location.

Videos circulating on social media depicted individuals in military attire at the Palais de la Nation, waving flags of Zaire, the former name of the Democratic Republic of Congo (DRC) during the regime of dictator Mobutu Sese Seko, who was ousted in 1997.

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Gov Soludo Dismisses All 21 Anambra Transition Committee Heads

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Anambra State Governor, Chukwuma Soludo, has dismissed all transition committee chairmen in the state’s 21 local government areas.

This decision was detailed in a letter titled “Expiration of Tenure and Handover to Heads of Local Government Administrations (HLGAs),” dated May 17, 2024, and signed by Collins Nwabunwanne, the state Commissioner for Local Government, Chieftaincy, and Community Affairs.

According to the letter, the directive will be effective starting Monday, May 20, 2024.

The letter read, “Following the expiration of your tenure as Transition Committee Chairman, you are hereby directed to handover the affairs of your Local Government Council to the Head of Local Government Administration (HLGA), in your respective Local Government Councils.

“This directive takes effect from Monday, 20th day of May, 2024. Thank you for your service to the state. All replies to be addressed to the Honourable Commissioner.”

 

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