SDG Goal 8: Promote Sustained, Inclusive, and Sustainable Economic Growth, Full and Productive Employment, and Decent Work for All
The Sustainable Development Goal (SDG) 8 focuses on fostering economic growth that is inclusive, sustainable, and beneficial to all people. It emphasizes creating jobs that respect human rights and offer fair wages while encouraging innovation and entrepreneurship. SDG 8 also addresses the need to eradicate forced labor, modern slavery, and human trafficking. Long-term, equitable economic growth may propel advancement, provide good jobs for everyone, and raise living standards. COVID-19 has put the world economy in jeopardy and disrupted billions of lives. The worldwide recession is predicted by the International Monetary Fund (IMF) to be at least as severe as the one that occurred in 2009. According to the International Labor Organization, about half of the world’s workforce faces the possibility of losing their jobs as job losses increase.
One in five nations, which are home to billions of people living in poverty, were predicted to suffer stagnant or declining per capita earnings in 2020 even before the COVID-19 epidemic. The previously weak economic growth is now being derailed by the COVID-19-related economic and financial shocks, which include disruptions to industrial production, declining commodity prices, financial market volatility, and increased insecurity. These shocks are reinforcing already elevated risks from other variables.
Goal 8 Targets
- Maintain per capita economic growth in line with national conditions, with the least developed countries aiming for at least 7% annual increase in gross domestic product.
- Increase economic productivity by innovation, technical advancement, and diversification, including by emphasizing labor-intensive and high-value added industries.
- foster the formalization and expansion of micro, small, and medium-sized businesses, especially through access to financial services, and promote development-oriented policies that foster productive activities, the creation of decent jobs, entrepreneurship, creativity, and innovation.
- Increase global resource efficiency in consumption and production gradually through 2030 and work to decouple economic growth from environmental degradation, with developed countries leading the way.
- By 2030, all women and men should have full and productive employment, decent work, and equal pay for work of equal value, including for young people and people with disabilities.
- By 2020, significantly reduce the percentage of youth without jobs, education, or training.
- Take prompt, decisive action to end forced labor, modern slavery, and human trafficking, secure the prohibition and elimination of the worst forms of child labor, including the recruitment and use of child soldiers, and end child labor in all its forms by 2025.
- Uphold the rights of workers and encourage safe and secure working conditions for all employees, including migrant workers—especially women migrants—and those in precarious employment. 8.9 Develop and put into effect policies that support sustainable tourism by 2030 that generates employment and supports regional goods and culture.
- By 2020, develop and operationalize a global strategy for youth employment and implement the International Labor Organization’s Global Jobs Pact.
- Strengthen domestic financial institutions’ ability to promote and increase access to banking, insurance, and financial services for everyone. An Increase aid for trade support for developing countries, especially least developed countries, including through the Enhanced Integrated Framework for Trade-Related Technical Assistance to Least Developed Countries.
