Global economic growth is the increase in an economy’s capability to produce goods and services. It needs sustainability for a better economic future. Sustainable development aims at addressing various economic, socio-political and environmental issues. It can be achieved, but it is affected by factors such as lack of economic growth, political support . To address these issues, the United Nations Development Programme developed the millennium development goals. The goals include: to accomplish universal primary education, eradicate extreme hunger and poverty, promote gender equality, improve maternal health, enhance environmental sustainability, reduce child mortality and encourage global partnership to enhance the development of the economy. The following essay focuses on how sustainability can influence global growth. The strategies that enable sustainable development goals are also discussed.
Global goals will be reviewed in 2030. They include; to enhance sustainable production and consumption of goods, reduce inequality among nations, promote durable water and sanitation management, ensure healthy living among people and end poverty globally, provide quality education, address gender equality, achieve improved food security and enhance global partnership among countries to enable sustainable development. The targets are achievable but at a slow pace. The United Nations initiated the goals for providing sustainable development. Therefore, for them to work, the government of both developed and developing countries should provide support. Also, the civil service, Non-governmental organizations, and businesses should cooperate towards global growth with sustainability.
Besides, it is critical to achieve complete sustainability due to overlapping political, national and economic issues. One of the major global problems is climate change which is a risk factor in food security, economy, and ecosystems. The significant colonies are addressing the issue, and the sustainable development goals need to send. There is a growing rate of poverty in developing countries. Efforts are made to reduce it by stimulating, local, national and regional economic growth which can help to generate financial resources. Moreover, a dynamic economy will create employment for citizens and increase the revenue needed for government projects. Expansion of international trade and domestic markets enables investment, increasing business opportunities and enhances growth (Carballo?Penela, & Castromán?Diz, 2015).
The developing countries may face risks particularly in the private sector where barriers are involved in regional and global markets. Also, to enable the achievement of economic sustainability and development, there are various growth strategies that can be employed. The first strategy is identifying economic foundations (Van, 2016). It is apt to support developing governments to enhance the necessary financial framework, regulatory business, industrial and legislation, which can promote sustainable growth. The second strategy is to improve growing businesses. The provision of productivity, economic viability, and competitiveness of private sector businesses help in increasing employment opportunities for the poor. Also, investing in citizens enables them to benefit and expand business opportunities in the formal and informal sectors.
Nevertheless, for the strategies to work, every country should build economic foundations. They should ensure economic and financial management, reduce corruption and enact public policies that support private investment. Moreover, balanced regulations and laws can be used to govern their economies (Carballo?Penela, & Castromán?Diz, 2015). Effective regulatory regimes should be used to maintain standards, enable competition, manage resources and enhance property rights. Furthermore, fair economic labor laws empower poor people. The poor should be allowed access to resources and land, tenure security and use the assets sustainably and productively to enable global growth.
Globally, governments should promote policies that support the management of natural resources which will improve the environmental sustainability of economic activity by reinforcing long-term viability (Van den Berg, & Lewer, 2015). Developing countries need to apply social responsibility principles in natural resources industries. Also, it is vital if public finance, institutions at local, regional and national levels to ensure sustainable development. The government’s industries needs support to integrate regional and global markets. Nevertheless, natural resources management should provide a social and sustainable way of supporting global economic growth.
Moreover, the private sector is a big factor in achieving sustainable economic growth. The developing countries that are privileged with big and healthy private sectors should advance by increasing higher education and reducing poverty. Small businesses need support to reach international standards by integrating through local and global value chains. The activities conducted in developing countries should get access to advancements in technology and innovations that can increase sustainability (Epstein, 2018). Also, insurance, microfinance product, and financial services can increase for more accessible and efficient access.
Consequently, the efforts made will enable the accessibility of financial services and proper credit. The services will benefit the poorest groups in a country’s population. There is a need to establish more microenterprises that are led by women (Cornwall, & Rivas, 2015). People are essential in achieving sustainable economic development. The developing countries need to encourage employment opportunities to people living in poverty to enable them to exploit their potential values in business and investment. Women and youths should be empowered to practice entrepreneurship or seek formal employment to change their lives by reducing poverty. They should develop new skills and knowledge of job opportunities provided to them. Literacy and numeracy skills should employ for effectiveness.
Structured and meaningful workplace learning opportunities need to increase. For example, the agricultural sector to enhance more food production. Learning initiatives will promote productivity, business growth, and market expansion. Hence, private sector enterprises are using available knowledge in their businesses to increase employment opportunities for men and women who are poor. A group of small farmers that has new skills and expertise is enabled to generate potential revenue and add their productivity of crops and cereal (Kabeer, 2016). s. In almost all countries in the world, people lack access to justice. It is crucial if the government t implement reforms that enable fostering of peaceful societies for sustainable development.
It is vital if aid in developing countries is provided. The international systems provide funding to agencies such as UN Children Fund (UNICEF), World Health Organization (WHO), and the offices of the UN high commission for Refugees (UNHCR) and the Food and Agriculture Organization (Hulten, & Ramey, 2017). The local systems should be empowered in the form of businesses and regional governments to promote international organizations. Moreover, the humanitarian system must decentralize to allow flexibility. For example, in Lebanon, there is a refugee crisis whereby Syrian refugees are crowding ( Blanchet, Fouad, & Pherali, 2016). They are placing pressure on schools and social services. The municipalities involved should get support. Needs and capacities should be identified to provide effective unity.
Integration of peace building programmes and development can help mitigate conflict and build peace among groups in non-peaceful nations (Van den Berg, 2016). The approach is vital in addressing issues of instability and achieving development outcomes. Also, Leverage financial service innovations can promote growth and control risk. For instance, guaranteeing loans in developing countries such as Kenya, Uganda, and Haiti encourages banks to be established in rural areas and enable the extension of credit. Micro-finance and insurance initiatives reduce vulnerability by promoting digital infrastructure and financial services.
Consequently, the UN aid system should redirect by expanding the role of stakeholders, especially local Non-governmental Organizations and International aids. Development organization in global health is working on a plan to establish health strategies in worldwide hospitals and health centers. The UN sets the Sustainable Development Goals (SDGs) for enhancing vision 2030 Agenda (United Nations, 2016)
In vision 2030, access to reliable and affordable energy in the global world is needed to improve international cooperation to facilitate access to clean energy technology and better infrastructure (Ohler, & Fetters, 2014). The least developed, land-locked and small island countries should get attention over support. The global population relies on technology and natural fuels. Thus it should be more advanced to provide sustainable economic development. According to the Gross domestic product, the economic target is 7 percent per annual growth for developing countries. Advanced technology, entrepreneurship, and better productivity will promote diversification. The aim for 2020 is to reduce unemployment of youths by implementing the Global Jobs Pact of the International Labour Organization (ILO, 2009). Also, a strategy for youth employment
Moreover, by 2030, establishing policies for sustainable tourism will create job opportunities (Barg, 2018). Increasing local and international trade and strengthening domestic financial institutions is crucial to economic development. Trade enhancement is a method of promoting sustainable economic growth. Participating in international cooperation is critical to the provision of technology, expertise and financial support from developed countries to developing countries. Through partnerships in investments, the revenue generates in government projects and facilities.
On the contrary, Sustainable Development Goals (SDGs) can be contradictory. For instance, looking for high levels of quantitative GDP growth might undermine inequality, ecological and sustainability objectives (Hulten, & Ramey, 2017). Also increasing wages and employment can increase the cost of living. Furthermore, the goal of enabling sustainable lifestyle levels and human population to the number which can sustainably support at a certain lifestyle level faces negligence. Reproductive rates in human society need to get clear recognition as independent variables in aiming at a sustainable human community. Socio-political, economic and environmental sectors should have unity to achieve sustainable development.
There are issues of disarmament, demilitarization and conversion to peace based economies show negligence. They lead to robotization of tasks, lack of reliable United Nations and Sustainable Development Goal financing, corruption and the need for global citizenship education. The citizens also lack empowerment to participate in global-level priority-setting process and decision making. Thus, the success needed is not enough to cause sustainable economic development. Furthermore, there is a high cost of achieving the various goals in acquiring sustainable development. For example, more funds can be used to eradicate poverty.(Woodward, 2015)
Conclusion
In conclusion, achieving global growth requires sustainability. Various strategies are used to help attain sustainable development goals in developing and developed countries on the economic, socio-political and environmental factors. Therefore, each state should enable the legislation and adopt a plan for action. Also, establish a manageable budget in the economy. Lastly, rich countries should provide support to developing countries. Hence, international coordination is essential.
References
Barg, U. (2018). Aquaculture, the 2030 Agenda for Sustainable Development and FAO’s Common Vision for Sustainable Food and Agriculture. FAO Aquaculture Newsletter, (58), 47-48.
Blanchet, K., Fouad, F. M., &Pherali, T. (2016). Syrian refugees in Lebanon: the search for universal health coverage. Conflict and health, 10(1), 12.
Carballo?Penela, A., & Castromán?Diz, J. L. (2015). Environmental policies for sustainable development: an analysis of the drivers of proactive environmental strategies in the service sector. Business Strategy and the Environment, 24(8), 802-818.
Cornwall, A., & Rivas, A. M. (2015). From ‘gender equality and ‘women’s empowerment’to global justice: reclaiming a transformative agenda for gender and development. Third World Quarterly, 36(2), 396-415.
Epstein, M. J. (2018). Making sustainability work: Best practices in managing and measuring corporate social, environmental and economic impacts. Routledge.
Hulten, C., & Ramey, V. (2017). Introduction to Education, Skills, and Technical Change: Implications for Future US GDP Growth. In Education, Skills, and Technical Change: Implications for Future US GDP Growth. University of Chicago Press.
International Labour Organization. (2017, October 16). Recovering from the crisis: A global jobs pact. Retrieved November 8, 2018, from https://www.ilo.org/global/about-the-ilo/WCMS_115513/lang–en/index.htm
Kabeer, N. (2016). Gender equality, economic growth, and women’s agency: the “endless variety” and “monotonous similarity” of patriarchal constraints. Feminist Economics, 22(1), 295-321.
Ohler, A., & Fetters, I. (2014). The causal relationship between renewable electricity generation and GDP growth: A study of energy sources. Energy Economics, 43, 125-139..
United nations. (2016). Sustainable development goals report 2016 | Multimedia library – United Nations Department of Economic and Social Affairs. Retrieved from https://www.un.org/development/desa/publications/sustainable-development-goals-report-2016.html
Van den Berg, H. (2016). Economic growth and development. World Scientific Publishing Company.
Van den Berg, H., & Lewer, J. J. (2015). International trade and economic growth. Routledge.
Woodward, D. (2015). Incrementum ad absurdum: global growth, inequality and poverty eradication in a carbon-constrained world. World Economic Review, 4, 43-62.
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