SDG - 8 - Decent work and Economic Growth

Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all

Sustained and inclusive economic growth can drive progress, create decent jobs for all and improve living standards.


COVID-19 has disrupted billions of lives and endangered the global economy. The International Monetary Fund (IMF) expects a global recession as bad as or worse than in 2009. As job losses escalate, the International Labor Organization estimates that nearly half of the global workforce is at risk of losing their livelihoods.

Even before the outbreak of COVID-19, one in five countries – home to billions of people living in poverty – were likely to see per capita incomes stagnate or decline in 2020. Now, the economic and financial shocks associated with COVID-19—such as disruptions to industrial production, falling commodity prices, financial market volatility, and rising insecurity—are derailing the already tepid economic growth and compounding heightened risks from other factors.

The term economy is coined from two Greek words which literarily translate to mean Manage and Household. When you put them together, it simply means household or enterprise management. It encompasses all the entities whether government or privately owned. For instance, each transaction you carry out is done in the paper currency which does not have any intrinsic value. This simply means that you trust the value and strength of the currency. It, therefore, suffices to say that the economy is the consumption of services and goods leading to the flow of money.


Target of Governments

  • 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 labor-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 endeavor 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 labor, end modern slavery and human trafficking and secure the prohibition and elimination of the worst forms of child labor, including recruitment and use of child soldiers, and by 2025 end child labor in all its forms.
  • Protect labor 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

Why is economy important?

The economy is so important because it goes beyond a set of money crazy businessmen. It's even beyond greedy officials of the central bank, the economy is beyond us all and as such, it is very important to every single person.

The economy is simply an organized system that is made up of organizations and institutions such as schools, hospitals, offices, and banks. These institutions provide jobs to different people, they make a living and in the process of doing this, the economy transforms scarce materials into different services and goods which help in meeting the endless needs of humans. It, therefore, suffices to say that if you want a good life, with a good job, a nice house, and all the comforts, you need the economy!

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