Sustainable Development Goal 8: Economic Growth & New Work Styles

SDGs

As we all know that Sustainable Development Goals proposed by the United Nations are essential to restore peace and prosperity in the world. Amongst these seventeen objectives, we are discussing sustainable development goal 8 here.

The sustainable development goal 8states, “Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all”.

Most people have an idea that the economy matters a lot, it is the driving force to run a country. People of the country feel delighted if the financial benchmarks of that nation perform well. Sustainable development goal 8 focuses on the same agenda: making individuals satisfied monetarily and creating an environment where people can earn with ethical means. Keep on reading to learn more about sustainable development goal 8.

Importance and segmentation of sustainable development goal 8

Sustainable Development Goal 8: Sustainable Economic Growth
When observing the world from the eye of economic studies, we have the data regarding the financial state of the average person. Approximately half the world’s population still passed a day with a meager US$2.0. Although, people with jobs don’t guarantee their escape from poverty, yet inequality and discrimination prevail and most of the citizens are forced to do substandard jobs.

The goal highlights the importance of decent work for all, with a target to uplift humankind from the level of impoverishment. Stronger economies will bring opportunities to build a more resilient and sustainable future.

The United Nations have segmented sustainable development goal 8 into twelve sub-agendas, which are as follows.


Sustainable Economic Growth
To sustain economic growth, the UN has set a target of at least 7 percent GDP (gross development product) growth per annum in the least developed countries.


Diversify, Innovate, and Upgrade for Economic Productivity
Promote innovation in different sectors to boost the economy globally. Also, focus on high-value addition and labor-intensive schemes.


Promote Policies to Support Job Creation and Growing Enterprises
Promote decent job creation via entrepreneurship, technological advancement, and formalize SMEs (small and medium-sized enterprises) through access to financial services.


Improve Resource Efficiency in Consumption and Production
Giving developed countries a responsibility to develop a 10-year framework of programs on sustainable consumption and production.


Full Employment and Decent Work with Equal Pay
Setting a target of 2030 to provide full-time employment and decent work for all men and women, including young people and those with disabilities. Also, promote a culture of equal pay for work of equal value.


Promote Youth Employment, Education and Training
Creating a mechanism where youth can work with gaining education and training. This can significantly stimulate the global economy.


End Modern Slavery, Trafficking, and Child Labor
Taking all necessary measures to eradicate child labor, modern slavery, and human slavery with education and awareness.


Protect Labor Rights and Promote Safe Working Environment
In order to bring positive change, foster a secure working environment for all the people, whether men or women.


Promote beneficial and Sustainable Tourism
Promoting a culture to bolster regional tourism to encourage employment by 2030.


Universal Access to Banking, Insurance, and Financial Services
To facilitate maximum numbers financially, it is momentous to provide access to banking, insurance, and financial services to them.

Sustainable Development Goal 8 A: Increase Aid for Trade Support

To uplift the economic conditions in the least developed countries, it is necessary to increase their aid to perform trade services. This point especially focuses on least developed or developing states.

Part B: Develop a Global Youth Employment Strategy

Youth can lead a significant change in strengthening economies, therefore a strategy needs to plan to support global youth employment.

How sustainable development goal 8 impacts us (Post Pandemic)

Economy and working post pandemic
Everyone knows Covid-19 marked a huge dent in this world. The pandemic has hit so badly that it will take years of hard work and strategy formulation to restore the economy.

The virus has shifted the overall dynamics, and now we need to think about how we can combat the challenges of unemployment and respond to them efficiently. According to a fact, the GDP per capita has declined by 4.2 percent in 2020. The world faced the worst economic recession since the great depression. From a global perspective, we need to think, what are the skills that can help us in making money and creating jobs. SMEs (small and medium-sized) can play a significant part in this challenging time.

Young minds and entrepreneurs can assist in planning which allows everyone to live a healthy lifestyle. We require non-conventional brains here who devise strategies to provide decent jobs to everyone.

Technology and innovation can also play a huge role in improving the current economy and for this, we need a framework where education and entrepreneurship can run simultaneously. To achieve the targets of Sustainable Development Goal 8 is the most demandable need of the time and we all need to think out of the box.

Summary

We discussed sustainable development goal 8 and its importance. This is one of the aims which can change the lives of the people. And we need to think seriously about how we can achieve these milestones. As the pandemic is on the rise, the accomplishment of Sustainable Development Goal 8 is a must-target for everyone. Start thinking of ways from where we can achieve any of the above postulates because the ray of hope is bigger than the rain of depression.
Learn more about the other sustainable development goals, such as Goal 5: Empowering Women and Girls.

               
Author: Monica Chang
Director of Ethical Choice
I am passionate about finding amazing sustainable and eco-friendly products and sharing them with more people. Interesting in plastic-free, reduce waste, and DIY.