• Force for Good team

Economic growth

Updated: 2 days ago

The causes we have chosen to support within Force for Good, align with the 17 Sustainable Development Goals (SDGs), adopted by all United Nations Member states in 2015. These are an urgent call for action by all countries - developed and developing - to join in global partnership and tackle some of the world’s most pressing issues. These Sustainable Development Goals are the blueprint to achieve a better and more sustainable future for all and addresses the global challenges that are faced by all human beings, including poverty, inequality, climate change, environmental degradation, peace and justice.

UN SDG #8: Decent Work and Economic Growth

Why economic growth?

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

However, COVID-19 has disrupted billions of lives and endangered the global economy. Yet, even before the pandemic, global economic growth was slowing down, and post, the world is facing the worst economic recession since the great depression with 1.6 billion workers at risk of losing their livelihoods. 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.

While the richest 1% in the world have more than double the wealth of 7.9 billion people, 10% of the world’s population live in extreme poverty. The ironic part of this is that women and girls currently put in 12.5 billion hours of unpaid work every day, which has a monetary value of $10.8 trillion a year.

Significant policy measures are urgently needed to protect both enterprises (particularly smaller businesses) and workers in the informal economy to achieve decent work for all by 2030.

The key facts:

● The global unemployment rate in 2017 was 5.6%, down from 6.4% in 2000.

● Globally, 61% of all workers were engaged in informal employment in 2016. Excluding the agricultural sector, 51% of all workers fell into this employment category.

● Men earn 12.5% more than women in 40 out of 45 countries with data.

● The global gender pay gap stands at 23% globally and without decisive action, it will take another 68 years to achieve equal pay. Women’s labour force participation rate is 63% while that of men is 94%.

● Despite their increasing presence in public life, women continue to do 2.6 times the unpaid care and domestic work that men do.

Related Force for Good Causes:

Local Communities / Economic Empowerment / Sports / Business & Innovation / Poverty / Female Empowerment

United Nations 17 Sustainable Development Goals