Goal 8 DECENT WORK AND ECONOMIC GROWTH

 

Goal 8

DECENT WORK AND ECONOMIC GROWTH

 - Ezekiel OSINACHI 

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Goal 8 is about promoting inclusive and sustainable economic growth, employment and decent work for all. Multiple crises are placing the global economy under serious threat. Global real GDP per capita growth is forecast to slow down in 2023 and with ever increasing challenging economic conditions, more workers are turning to informal employment.

Globally, labour productivity has increased and the unemployment rate has decreased. However, more progress is needed to increase employment opportunities, especially for young people, reduce informal employment and labour market inequality (particularly in terms of the gender pay gap), promote safe and secure working environments, and improve access to financial services to ensure sustained and inclusive economic growth. 

The global unemployment rate declined significantly in 2022, falling to 5.4 per cent from a peak of 6.6 per cent in 2020 as economies began recovering from the shock of the COVID-19 pandemic. This rate was lower than the pre-pandemic level of 5.5 per cent in 2019.

Decent work means opportunities for everyone to get work that is productive and delivers a fair income, security in the workplace and social protection for families, better prospects for personal development and social integration. 

A continued lack of decent work opportunities, insufficient investments and under-consumption lead to an erosion of the basic social contract underlying democratic societies: that all must share in progress. Economic growth should be a positive force for the whole planet.This is why we must make sure that financial progress creates decent and fulfilling jobs while not harming the environment. 

We must protect labour rights and once and for all put a stop to modern slavery and child labour. If we promote job creation with expanded access to banking and financial services, we can make sure that everybody gets the benefits of entrepreneurship and innovation. The 2030 Agenda embraces three dimensions of sustainability – economic, social and environmental. It has 17 Sustainable Development Goals (SDGs) that put people and planet at its centre, giving the international community a framework for tackling the many challenges confronting humanity, including those in the world of work. 

The importance of decent work  in achieving sustainable development is highlighted by Goal 8  which aims to “promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all”.

 

Over the past 25 years the number of workers living in extreme poverty has declined dramatically, despite the lasting impact of the 2008 economic crisis and global recession. In developing countries, the middle class now makes up more than 34 percent of total employment – a number that has almost tripled between 1991 and 2015. 

However, as the global economy continues to recover we are seeing slower growth, widening inequalities, and not enough jobs to keep up with a growing labour force. According to the International Labour Organization, more than 204 million people were unemployed in 2015. The SDGs promote sustained economic growth, higher levels of productivity and technological innovation. 

Encouraging entrepreneurship and job creation are key to this, as are effective measures to eradicate forced labour, slavery and human trafficking. With these targets in mind, the goal is to achieve full and productive employment, and decent work, for all women and men by 2030.

 

Goal 8 Targets

Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7 per cent gross domestic product growth per annum in the least developed countries

Achieve higher levels of economic productivity through diversification, technological upgrading and innovation, including through a focus on high-value added and labour-intensive sectors

Promote development-oriented policies that support productive activities, decent job creation, entrepreneurship, creativity and innovation, and encourage the formalization and growth of micro-, small- and medium-sized enterprises, including through access to financial services

Improve progressively, through 2030, global resource efficiency in consumption and production and endeavour to decouple economic growth from environmental degradation, in accordance with the 10-year framework of programmes on sustainable consumption and production, with developed countries taking the lead

By 2030, achieve full and productive employment and decent work for all women and men, including for young people and persons with disabilities, and equal pay for work of equal value

By 2020, substantially reduce the proportion of youth not in employment, education or training

Take immediate and effective measures to eradicate forced labour, end modern slavery and human trafficking and secure the prohibition and elimination of the worst forms of child labour, including recruitment and use of child soldiers, and by 2025 end child labour in all its forms

Protect labour rights and promote safe and secure working environments for all workers, including migrant workers, in particular women migrants, and those in precarious employment

By 2030, devise and implement policies to promote sustainable tourism that creates jobs and promotes local culture and products

Strengthen the capacity of domestic financial institutions to encourage and expand access to banking, insurance and financial services for all

Increase Aid for Trade support for developing countries, in particular least developed countries, including through the Enhanced Integrated Framework for Trade-Related 

Technical Assistance to Least Developed Countries

By 2020, develop and operationalize a global strategy for youth employment and implement the Global Jobs Pact of the International Labour Organization

Content written by Ezekiel OSINACHI 

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