The eighth global goal is to promote economic growth and development until the SDGs are due in 2030. While reaching this goal includes overcoming numerous challenges, the global community is on a good path to promote sustainable economic growth and through it empower people and society as a whole.
Video Transcript
The United Nations’ eighth sustainable development goal focuses on economic growth, “promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all.” Economic stability is perhaps one of the most important indicators of sustainability, and its insurance is especially vital to a happy and peaceful society.
As of 2018, the global growth rate of real GDP had consistently hovered around 2% since the introduction of the SDGs, but the growth rate of real GDP for developing countries is 5% two percentage points short of the goal of 7% growth. Just straight growth isn’t sufficient, we need to put more effort into sectors that will continue to provide jobs and be beneficial for years to come, which means investing heavily in technology and diversifying the jobs available.
As the GDP grows, labour productivity is also consistently improving from year to year, but 85 million women and 55 million men are still underutilised in the labour force. Additionally, only 48% of the world’s women are actively participating in the labour force, compared to 75% of men. These statistics link back to SDG 5 and gender equality. Increasing women’s participation in the workforce is good both for equality measures, economic growth, and sustainability.
Reducing informal employment, which currently accounts for 61% of the workforces and contributes to many issues stable pay and safe working conditions, and eradicating forced labour, modern slavery, human trafficking, and child labour, will be an integral part of economic stability.
Laying solid groundwork for sustainable and stable economic development is key, so improving education and job training for young people and women also falls under this goal, as does working to protect workers’ rights and safe working environments for all workers, including migrant workers and those in unstable jobs. Expanding access to banking and financial services will also be key in building generations of economically savvy and independent individuals.
Hopefully, with the help of programs put in place in the name of SDG eight, there can be an increase in “productive activities, decent job creation, entrepreneurship, creativity and innovation, and encourage the formalization and growth of micro-, small- and medium-sized enterprises.”
In good news, extreme poverty among the working population has decreased and the middle class has been growing steadily since the start of the millenium, with 34% of workers in developing countries now counting as middle class. Unfortunately, growth has been slowing, inequalities widening, and jobs not being produced fast enough to provide employment for all wishing to enter the workforce.
The elephant in the room when talking about sustainable economic growth is of course the impact that coronavirus has had and will continue to have on the global economy, with every major world power being forced to lock down and run at reduced capacity for the longest period of time in recent memory.
Global unemployment, which was at 5% in 2018, has undoubtedly gone up, and with the economic uncertainty, many small and medium sized businesses have been forced to shut down, permanently removing those jobs from the market. Global trade has been affected. Supply chains are breaking down.
This is not the end of the world, nor is it the end of hope for SDG 8. Human’s have alway been a resilient species, and we will continue to bounce back. However, the amount of global and national cooperation that will be needed to get Earth back on track to meeting the economic goals set out by SDG 8 cannot be overstated.