Four reasons why many of us feel the global economy is not on our side – The Conversation

Report on Global Economic Crises and Their Impact on Sustainable Development Goals

Challenges to Achieving Sustainable Economic Growth (SDG 8)

A recurring state of economic crisis since 2008 has hindered the achievement of stable and inclusive economic growth. This directly challenges the objectives of Sustainable Development Goal 8 (Decent Work and Economic Growth).

• Economic growth has been poor in many developed nations, including the UK, for a sustained period.
• Achieving growth is a complex objective, dependent on numerous external factors such as geopolitical stability, demographic shifts, and technological advancements, which are often beyond the control of any single government.
• While governments prioritise economic growth, the benefits are often slow to materialise for the general population.
• Proposed solutions include large-scale public investment in infrastructure, aligning with SDG 9 (Industry, Innovation and Infrastructure) and SDG 11 (Sustainable Cities and Communities). However, the long-term nature of these projects means that households may not feel the positive effects for a considerable time.

Pervasive Inequality as a Barrier to Sustainable Development (SDG 10)

High and rising inequality is a critical international issue that undermines progress towards SDG 10 (Reduced Inequalities). This imbalance creates an economic system that disproportionately benefits a small minority.

• The wealth of the richest individuals has increased dramatically, a trend accelerated by the COVID-19 pandemic.
• This concentration of wealth translates into significant economic and political power, allowing the priorities of the ultra-rich to dominate over those of the wider population.
• Consequently, many communities and regions are left behind, experiencing a decline in physical and social infrastructure.
• This hollowing out of local economies, with limited incomes and opportunities, works against the aims of SDG 1 (No Poverty) and SDG 11 (Sustainable Cities and Communities).

The Uneven Impact of Globalisation on Global Goals

Globalisation has produced a complex and uneven set of outcomes, creating both progress and significant challenges for the Sustainable Development Goals.

1. Uneven Distribution of Benefits: While globalisation has lifted many out of poverty in developing nations, its gains have not been distributed equitably. This has exacerbated inequalities within and among countries, conflicting with the principles of SDG 10.
2. Erosion of Labour Standards: In the pursuit of cost reduction, global competition has often failed to enforce adequate labour standards. This undermines the objective of providing decent work for all, as outlined in SDG 8.
3. Supply Chain Vulnerability: Recent crises have exposed the fragility of global supply chains. Over-dependence on specific regions for critical goods, such as semiconductors or energy, threatens industrial stability (SDG 9) and responsible consumption and production patterns (SDG 12). Shortages of essential goods, including food, also impact SDG 2 (Zero Hunger).

Climate Change: A Fundamental Threat to Economic and Social Stability (SDG 13)

Climate change represents a severe and escalating threat to global stability, directly impeding progress on SDG 13 (Climate Action) and numerous other related goals.

• Extreme weather events, including wildfires, floods, and hurricanes, are becoming more common, causing massive economic and social disruption.
• The Intergovernmental Panel on Climate Change (IPCC) warns of severe future impacts, including threats to food production (SDG 2), the displacement of populations from coastal cities (SDG 11), and the potential disappearance of entire island nations.
• The economic costs associated with climate change are immense, stemming from damage to infrastructure (SDG 9) and reduced productivity in agriculture, forestry, and fishing.
• Despite these clear and present dangers, many governments appear to be backtracking on their commitments to reduce emissions, prioritising short-term economic concerns over the long-term investment required for a sustainable and prosperous planet.

Analysis of Sustainable Development Goals (SDGs) in the Article

1. Which SDGs are addressed or connected to the issues highlighted in the article?

• SDG 8: Decent Work and Economic Growth: The article extensively discusses the challenges of achieving economic growth, mentioning it as a “primary mission” for governments. It highlights issues like low growth in the UK, unemployment, and the failure of globalization to ensure fair wages and labor standards.
• SDG 10: Reduced Inequalities: A dedicated section, “Inherent inequality,” points to the rising wealth of the ultra-rich, especially during the COVID-19 pandemic, while other communities are “left behind” with limited opportunities. This directly addresses the goal of reducing inequality within and among countries.
• SDG 11: Sustainable Cities and Communities: The article mentions “unaffordable housing” as a gradual crisis. It also refers to “declining physical and social infrastructure” in certain regions and planned investments in homes and transport. The threat of rising sea levels to “countless coastal cities” also connects directly to this goal.
• SDG 13: Climate Action: The final section is explicitly about “Climate change,” detailing its economic and social consequences. It discusses extreme weather events like wildfires and floods, the need to reduce emissions, and the danger of countries “backtracking on their commitment” to climate action.
• SDG 9: Industry, Innovation and Infrastructure: The article touches upon the need for infrastructure investment, citing a UK plan for “public investments of £113 billion on homes, transport and energy.” It also highlights vulnerabilities in global infrastructure through “supply chain bottlenecks” and over-reliance on specific regions for manufacturing, such as semiconductors.

2. What specific targets under those SDGs can be identified based on the article’s content?

• Target 8.1: 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. The article’s focus on the struggle for “economic growth” and the difficulty in raising GDP directly relates to this target.
• Target 10.1: By 2030, progressively achieve and sustain income growth of the bottom 40 per cent of the population at a rate higher than the national average. This is implied in the discussion of “high inequality,” where the wealth of the richest “skyrocketed” while communities with limited incomes were “left behind.”
• Target 11.1: By 2030, ensure access for all to adequate, safe and affordable housing and basic services and upgrade slums. The mention of “increasingly unaffordable housing” as a key economic crisis directly points to this target.
• Target 9.1: Develop quality, reliable, sustainable and resilient infrastructure, including regional and transborder infrastructure, to support economic development and human well-being. This is relevant to the discussion of “declining physical and social infrastructure” and the planned “public investments of £113 billion on homes, transport and energy.”
• Target 13.1: Strengthen resilience and adaptive capacity to climate-related hazards and natural disasters in all countries. The article’s description of “massive wildfires,” “floods, hurricanes and extreme temperatures” as consequences of climate change directly aligns with the need to build resilience against such hazards.
• Target 13.2: Integrate climate change measures into national policies, strategies and planning. This is highlighted by the article’s concern that “many countries appear to be backtracking on their commitment to reducing emissions,” showing a failure to integrate these measures.

3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?

• Indicator 8.1.1 (Annual growth rate of real GDP per capita): The article explicitly mentions “GDP” and the goal of economic growth, stating that in the UK it has been “poor for a long time.” The rate of GDP growth is the central metric for this discussion.
• Indicator 10.1.1 (Growth rates of household expenditure or income per capita among the bottom 40 per cent of the population and the total population): The article implies this indicator by contrasting the “skyrocketed” wealth of the “richest people” with communities where “incomes and opportunities are limited,” pointing to a widening gap that this indicator is designed to measure.
• Indicator 11.1.1 (Proportion of urban population living in slums, informal settlements or inadequate housing): The phrase “unaffordable housing” directly implies a measure of housing adequacy and affordability. While not using the exact UN terminology, the concept is the same.
• Indicator 13.1.1 (Number of deaths, missing persons and directly affected persons attributed to disasters per 100,000 population): The article’s references to “massive wildfires,” “floods, hurricanes,” and the potential for “massive migration” due to climate change all point to the human and economic costs of disasters, which this indicator tracks.
• Indicator 13.2.1 (Number of countries with nationally determined contributions, long-term strategies, national adaptation plans…): The statement that “many countries appear to be backtracking on their commitment to reducing emissions” directly refers to the national policies and commitments that this indicator measures.

4. Summary of SDGs, Targets, and Indicators

Source: theconversation.com