The Group of 24 (G-24) has raised alarm over escalating geopolitical conflicts, warning that the ongoing war in the Middle East is weakening global economic stability and slowing growth, particularly in developing nations like Nigeria.
In a statement presented at the World Bank/IMF Spring Meetings, the group highlighted the severe humanitarian and economic consequences of the conflict, noting that it has worsened living conditions and caused significant damage to civilian infrastructure.
The G-24 cautioned that the crisis is placing further strain on an already fragile global economy, with emerging markets and developing countries bearing the brunt. It noted that after a period of modest but steady growth, global economic conditions are now deteriorating rapidly due to disruptions in supply chains, particularly in energy markets.
According to the group, global growth is expected to decline in 2026 compared to 2025, as persistent disruptions drive up inflation through rising energy, food, and fertiliser costs. It stressed the urgent need to protect international shipping routes and halt attacks on energy infrastructure, warning that rebuilding damaged assets is both costly and time-consuming.
The G-24 also warned of growing uncertainty in the medium-term outlook, citing pressures on oil-importing countries, rising borrowing costs, and tightening financial conditions. These challenges, it said, could reduce private capital inflows into developing economies, complicating economic management.
While acknowledging the role of domestic fiscal and monetary policies, the group argued that traditional measures may not be sufficient to absorb the scale of current external shocks. It therefore called for stronger multilateral cooperation and increased development assistance.
The group emphasized the need to strengthen the global financial system, urging a more robust Global Financial Safety Net anchored by a well-funded International Monetary Fund. It also called for timely quota reforms to ensure better representation for developing countries while protecting the interests of the poorest nations.
Additionally, the G-24 urged the IMF to remain flexible in responding to global risks by adapting its lending tools, improving surveillance, and reviewing frameworks guiding debt sustainability and programme design.
On development financing, the group highlighted the critical role of the World Bank Group in supporting job creation, infrastructure, and innovative funding solutions. It called for increased lending capacity and faster implementation of initiatives such as hybrid capital and portfolio guarantees.
Rising debt vulnerabilities were also a major concern, with the group advocating coordinated debt restructuring efforts under the G20 Common Framework, alongside reforms to improve transparency and sustainability.
On climate change, the G-24 stressed the need for affordable, long-term financing to support developing countries in reducing emissions and transitioning to cleaner energy. It urged donors to meet the $300bn annual climate finance target by 2035 and provide stronger technical and financial support.
The group further underscored the importance of international tax reforms to tackle profit shifting and illicit financial flows, while calling on donors to reverse declining development aid.
Finally, it warned that unilateral trade measures, including tariffs and sanctions that conflict with global rules, are undermining trade and economic integration. It called for a more inclusive, transparent, and rules-based global trading system, stressing that stronger international cooperation is essential to restoring stability and sustainable growth
