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Decent Work & Economic Growth
SDG 8
Roughly half the world's population still lives on the equivalent of about US$2 a day with global unemployment rates of 5.7% and having a job doesn't guarantee the ability to escape from poverty in many places. This slow and uneven progress requires us to rethink and retool our economic and social policies aimed at eradicating poverty.
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. Even though the average annual growth rate of real GDP per capita worldwide is increasing year on year, there are still many countries in the developing world that are decelerating in their growth rates and moving farther from the 7% growth rate target set for 2030.
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. Even though the average annual growth rate of real GDP per capita worldwide is increasing year on year, there are still many countries in the developing world that are decelerating in their growth rates and moving farther from the 7% growth rate target set for 2030.
As labor productivity decreases and unemployment rates rise, standards of living begin to decline due to lower wages.
Sustainable economic growth will require societies to create the conditions that allow people to have quality jobs that stimulate the economy while not harming the environment. Job opportunities and decent working conditions are also required for the whole working age population. There needs to be increased access to financial services to manage incomes, accumulate assets and make productive investments. Increased commitments to trade, banking and agriculture infrastructure will also help increase productivity and reduce unemployment levels in the world's most impoverished regions.
Sustainable economic growth will require societies to create the conditions that allow people to have quality jobs that stimulate the economy while not harming the environment. Job opportunities and decent working conditions are also required for the whole working age population. There needs to be increased access to financial services to manage incomes, accumulate assets and make productive investments. Increased commitments to trade, banking and agriculture infrastructure will also help increase productivity and reduce unemployment levels in the world's most impoverished regions.
Facts and Figures
1 million
As a result of an expanding labour force, the number of unemployed is projected to increase by 1 million every year and reach 174 million by 2020.
48%
Women's participation in the labour force stood at 48 per cent in 2018, compared with 75 percent for men. Around 3 in 5 of the 3.5 billion people in the labour force in 2018 were men.
700 million
Some 700 million workers lived in extreme or moderate poverty in 2018, with less than US$3.20 per day.
5%
An estimated 172 million people worldwide were without work in 2018 - an unemployment rate of 5 percent.
2 billion
Overall, 2 billion workers were in informal employment in 2016, accounting for 61 per cent of the world's workforce.
85 million
Many more women than men are underutilized in the labour force—85 million compared to 55 million.
More Info
International Labour Organization
UN Development Programme
Inquiry into the Design of a Sustainable Financial System: Policy Innovations for a Green Economy
UN Global Compact
Economic and Social Commission for Asia & the Pacific
Economic and Social Commission for Western Asia
Economic and Social Commission for Africa
Economic and Social Commission for Europe
Economic and Social Commission for Latin America & the Caribbean
IMF – World Economic Outlook
UN Capital Development Fund
Asian Development Bank
UN Development Programme
Inquiry into the Design of a Sustainable Financial System: Policy Innovations for a Green Economy
UN Global Compact
Economic and Social Commission for Asia & the Pacific
Economic and Social Commission for Western Asia
Economic and Social Commission for Africa
Economic and Social Commission for Europe
Economic and Social Commission for Latin America & the Caribbean
IMF – World Economic Outlook
UN Capital Development Fund
Asian Development Bank