SDG Spotlight: Goal 8

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.

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• 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.