SDG 8 – Decent Work And Economic Growth

Around half the world’s population still lives on about two US dollars a day, with a global unemployment rate of 5.7 percent, and in many places a job does not guarantee leaving poverty behind. This slow and uneven progress requires a rethink and reorientation of our economic and social policies to eradicate poverty.

A persistent lack of decent work opportunities and underinvestment are eroding the basic social contract of democratic societies: All must share in progress. Even as the average annual growth rate of real GDP per capita around the world is increasing year on year, the growth rate of many developing countries is slowing and moving further away from the 7 percent growth target set for 2030. As labour productivity declines and unemployment rates rise, living standards fall because of to lower wages.

For sustainable economic growth, societies need to create the conditions in which people can obtain quality jobs that stimulate the economy while not harming the environment. Employment opportunities and decent working conditions are required for the entire working-age population. Access to financial services must be improved to manage incomes, build assets and make productive investments. Strengthened commitments in trade, banking and agriculture will also help to increase productivity and reduce unemployment in the world’s most impoverished regions.

Did you know?
One fifth of young people have no employment, education or vocational training.