Economic Growth - United Nations Sustainable Development

Goal 8 is about promoting inclusive and sustainable economic growth, employment and decent work for all. The COVID-19 pandemic precipitated the worst economic crisis in decades and reversed progress towards decent work for all.

Although the global economy began to rebound in 2021, bringing some improvement in unemployment, recovery remains elusive and fragile. By the end of 2021, global economic recovery had been hampered by new waves of COVID-19 infections, rising inflationary pressures, major supply-chain disruptions, policy uncertainties and persistent labour market challenges.

Facts and figures

Multiple crises are placing the global economy under serious threat. Global real GDP per capita growth is forecast to slow down in 2023. Challenging economic conditions are pushing more workers into informal employment.
As economies start to recover, the global unemployment rate has experienced a significant decline. However, the youth unemployment rate continues to be much higher than the rate for adults, indicating ongoing challenges in securing employment opportunities for young people.
The pandemic has accelerated digital adoption and transformed access to finance. Globally, 76 per cent of adults had bank accounts or accounts with regulated institutions in 2021, up from 62 per cent in 2014.
Achieving Goal 8 will require a wholesale reform of the financial system to tackle rising debts, economic uncertainty and trade tensions, while promoting equitable pay and decent work for young people.
The slowdown in global growth in 2023 is likely to be less severe than previously expected, mainly due to resilient household spending in the developed economies and recovery in China. Global economic growth is now projected to reach 2.3 per cent in 2023, an upward revision by 0.4 percentage points from the January forecast. World Economic Situation and Prospects as of mid-2023 Key messages
Average global inflation is projected to decline from 7.5 per cent in 2022 to 5.2 per cent in 2023 amid lower food and energy prices and softening demand especially in the large developed economies. World Economic Situation and Prospects as of mid-2023 Key messages
The World Economic Situation and Prospects (WESP) report projects world output growth to decelerate to 1.9% in 2023 – a drop of more than a percentage point from 3% in 2022. Tepid Economic Growth Threatens SDGs, Warns UN Flagship Report | News | SDG Knowledge Hub | IISD

Source: The Sustainable Development Goals Report 2023

Goal 8 targets

8.1 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

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

8.3 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

8.4 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

8.5 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

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

8.7 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

8.8 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

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

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

8.A 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

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