The G-24 has expressed deep concern over multiple political crises and conflicts across the world, warning that the escalating war in the Middle East is worsening global economic fragility and undermining growth prospects, particularly for emerging markets and developing countries.
Nigeria and many other nations in Africa and across the world are categorised as developing countries, while the Group of 24 (G-24) is a coalition of developing countries that coordinates positions on international monetary and financial issues. “The war in the Middle East is causing deterioration in the well-being of affected populations, as well as damage to civilian infrastructure,” the group stated in its presentation at the ongoing World Bank/International Monetary Fund Spring Meetings in Washington DC, United States.
It added that the developments have taken “a significant toll on an already weak global economy, with particularly devastating effects on emerging markets and developing countries.” Following a period of tepid but resilient growth, the group said global economic conditions are now deteriorating sharply, driven largely by disruptions to global supply chains, including energy markets, in the wake of the ongoing conflict.
It warned that global growth is projected to decline in 2026 relative to 2025, with sustained disruptions likely to push up both core and non-core inflation through higher energy, food and fertilizer prices. The G-24 stressed the importance of safeguarding international maritime routes and called for the cessation of attacks on energy infrastructure, noting that restoring damaged assets is costly and time-consuming.
It added that such disruptions contribute to market volatility, while acknowledging efforts by OPEC Declaration of Cooperation countries to stabilise oil supply through alternative export routes. Amid these challenges, the group said the medium-term global growth outlook remains uncertain, with mounting pressure on the current accounts of oil-importing countries and rising borrowing costs due to potential interest rate hikes and exchange rate pressures.
It warned that tighter financial conditions and heightened risk aversion could reduce private capital flows to emerging markets, complicating economic management. The group emphasised that while domestic fiscal and monetary measures remain critical, traditional policy responses such as contracting demand or allowing currency depreciation may be insufficient to absorb the scale of external shocks.
It therefore underscored the need for stronger multilateral support and increased development assistance. Highlighting the importance of global financial stability, the G-24 called for a stronger Global Financial Safety Net anchored by a well-resourced International Monetary Fund, urging timely completion of the 16th General Review of Quotas and meaningful progress on the 17th review.
Related News 2027 election: EU seeks increased women participation Middle East war: W’Bank, IMF caution on food security Benin, Togo, Niger owe Nigeria $9.55m electricity debt It said quota reforms must enhance the voice and representation of emerging and developing economies while protecting the shares of the poorest members.
The group also urged the IMF to remain proactive and flexible in responding to evolving global risks, including adapting its lending toolkit, strengthening surveillance, and reviewing key frameworks such as the Low-Income Countries Debt Sustainability Framework and programme design policies.
It reiterated the need for reforms to charges and surcharges, and called for exploration of mechanisms for regular issuance of Special Drawing Rights to support vulnerable economies. On development financing, the G-24 said the World Bank Group’s focus on job creation, infrastructure, and innovative financing remains critical to poverty reduction.