The goals of 8 (SDG8) decent work and economic growth explanation

The critical points of Goal 8(SDG8) decent work and economic growth explanation are below:

SDG 8 Meaning

SDG 8 Example

Why SDG 8 important

Importance of Decent Work and Economic Growth

How to Achieve SDG 8

SDG 8 Problems and Solutions

SDG 8 Targets and Indicators

SDG Goals in Bangladesh

How is Fabric Lagbe playing an Important Role to Achieve SDG 8?

SDG 8 Meaning: SDG 8 refers to the eighth of 17 Sustainable Development Goals (SDGs) established by the United Nations General Assembly in 2015 as a partition of the 2030 Agenda for Sustainable Improvement. SDG 8 promotes sustained, inclusive, sustainable economic growth, full and productive employment, and decent work.

The goal recognizes that economic growth and employment are essential for reducing poverty and achieving sustainable development. However, it also emphasizes the importance of ensuring that economic growth is inclusive and sustainable. It benefits all members of society, including the most vulnerable, and does not harm the environment or deplete natural resources.

SDG 8 has specific targets, including increasing economic productivity through diversification, technological upgrading, and innovation. Promoting decent work for all, including women and youth, reducing informal employment, eliminating forced labor, human trafficking, and child labor, and improving access to financial services and support for entrepreneurship and small and medium-sized enterprises (SMEs).

The goal recognizes that economic growth, employment, and decent work are critical to sustainable development. Achieving these objectives requires various policies and strategies, including macroeconomic policies, investment in education and training, and promoting entrepreneurship and innovation.

SDG 8 Example: An example of SDG 8 in action is a program that aims to create decent work opportunities for youth in a particular region. The program could involve various initiatives such as providing vocational training, promoting entrepreneurship, and facilitating access to financial services and credit for starting small businesses.

Through these activities, the program could help young people acquire the skills and resources needed to access decent work opportunities through wage employment or self-employment. That, in turn, could contribute to the region’s economic growth and development while reducing poverty and promoting social inclusion.

Another example could be a company that implements sustainable practices, such as reducing waste and energy consumption, using environmentally-friendly materials and production methods, and promoting fair labor practices. The company contributes to SDG 8 by fostering sustainable economic growth, doing decent work opportunities, and reducing environmental impacts.

Overall, SDG 8 provides a framework for governments, businesses, and civil society to work together to promote economic growth, employment, and decent work while ensuring that such change is inclusive, sustainable, and respects human rights.

Why SDG 8 is important: SDG 8 is important because it recognizes that economic growth and employment are essential for reducing poverty and achieving sustainable development. Without sustainable economic growth, generating the resources needed to invest in education, health, infrastructure, and other key areas that support human evolution would be challenging.

At the same time, SDG 8 emphasizes the importance of inclusive and sustainable economic growth. It benefits all members of society, including the most vulnerable, and does not harm the environment or deplete natural resources. That is critical because economic growth that is not inclusive or sustainable can exacerbate social inequalities, undermine environmental sustainability, and create long-term financial risks and challenges.

SDG 8 is also important because it recognizes the importance of promoting decent work and reducing informal employment, forced labor, human trafficking, and child labor. That is essential to ensure everyone has access to chances for respectable and worthwhile jobs and that economic progress does not accomplish at the expense of employees’ rights and well-being.

SDG 8 is important because it provides a comprehensive framework for promoting sustained, inclusive, sustainable economic growth, full and productive job, and decent work. By achieving these objectives, we can make a more prosperous, equitable, and sustainable world for everyone.

Importance of Decent Work and Economic Growth: Decent work and economic growth are essential for sustainable development and improving people’s lives. Here are some reasons why they are crucial:

1. Poverty reduction: Economic growth and decent work are critical for reducing poverty and promoting social inclusion. When people have access to decent jobs and income, they can better meet their basic needs, improve their standard of living, and escape the cycle of poverty.
2. Increased productivity: Decent work and economic growth can boost productivity and competitiveness, leading to more efficient and effective use of resources, higher output, and increased income for individuals, businesses, and governments.
3. Improved social cohesion: Decent work and economic growth can contribute to social cohesion by reducing inequalities and promoting social inclusion. When more people have access to decent jobs and income, they are more likely to feel valued and included in society, which can help to reduce social tensions and conflicts.
4. Innovation and technological advancement: Economic growth and decent work can drive innovation and technological progress, leading to new products, services, and processes that can improve people’s lives, create new opportunities, and increase efficiency.
5. Environmental sustainability: Decent work and economic growth can achieving in an environmentally sustainable way by promoting renewable energy, reducing waste and pollution, and promoting sustainable production and consumption patterns.

Overall, decent work and economic growth are essential for sustainable development and improving people’s lives. They can create opportunities for individuals and businesses, reduce poverty, promote social inclusion, and drive innovation and technological advancement, all while respecting human rights and environmental sustainability.

How to Achieve SDG 8: Achieving SDG 8 requires a comprehensive approach that involves governments, businesses, civil society organizations, and individuals. Here are some strategies and actions that can help to achieve SDG 8:

1. Promote macroeconomic policies that support sustainable economic growth, such as investment in infrastructure, education, and research and development, and encourage private sector investment.
2. Implement labor policies and regulations that promote decent work and protect workers’ rights, such as minimum wage laws, equal pay policies, and rules on working conditions and occupational safety and health.
3. Address the informal economy by incentivizing casual workers to transition into formal employment, improving access to credit, training, and other resources, and promoting entrepreneurship.
4. Invest in education and training programs that provide workers with the abilities and knowledge to access decent work and participate in the economy.
5. Address gender and youth employment gaps by promoting gender equality and investing in youth employment programs.
6. Combat forced labor, human trafficking, and child labor through effective laws and regulations, enforcement mechanisms, and public awareness campaigns.
7. Promote the improvement of small and medium-sized enterprises (SMEs) by providing access to financing, training, and other resources.
8. Encourage innovation and technological advancement by promoting research and development and incentivizing private sector investment in emerging technologies.
9. Promote sustainable consumption and production patterns by reducing waste, improving resource efficiency, and promoting the use of renewable energy.
10. Strengthen partnerships between governments, businesses, civil society organizations, and individuals to promote collaboration, knowledge-sharing, and accountability.

Achieving SDG 8 requires a collaborative and holistic approach that addresses sustainable development’s economic, social, and environmental dimensions. Working together and taking jobs on multiple fronts can make a more inclusive, sustainable, and prosperous world for everyone.

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SDG 8 problems and solutions: SDG 8 faces several challenges that can hinder progress toward achieving its targets. Listed below are a few issues and their answers:

1. Informal employment: One of the major problems is the prevalence of casual work, which does not offer workers social protection or job security. Solutions include providing incentives for casual workers to transition to formal employment, strengthening labor regulations and social protection systems, and providing access to finance and training.
2. Gender inequality: Women face significant barriers to decent work, including lower pay, fewer job opportunities, and discrimination. Solutions include implementing policies to promote gender equality, such as equal pay laws and quotas for women in leadership positions, and investing in education and training programs for girls and women.
3. Youth unemployment: Youth face high unemployment rates, particularly in developing countries, which can lead to social unrest and economic instability. Solutions include investing in education and training programs that provide skills for the future labor market, promoting entrepreneurship and self-employment, and creating incentives for businesses to hire young workers.
4. Forced labor and child labor: Forced labor and child labor remain significant challenges, particularly in the informal sector and industries such as agriculture and mining. Solutions include strengthening laws and regulations against forced and child labor, providing education and training programs for vulnerable populations, and promoting social protection systems.
5. Environmental sustainability: Economic growth can often come at the expense of ecological sustainability, leading to long-term economic and social risks. Solutions include promoting sustainable consumption and production patterns, investing in renewable energy and infrastructure, and incentivizing businesses to adopt sustainable practices.
6. Economic inequality: Economic growth can exacerbate disparities if it is not inclusive and does not favor all members of society. Solutions include implementing policies to reduce income and wealth inequality, such as progressive taxation and social protection programs, and promoting inclusive economic growth that benefits all members of society.

Achieving SDG 8 requires a comprehensive approach to addressing these challenges and promoting sustainable economic growth and decent work. We can make a more prosperous, equitable, and sustainable world for everyone by taking action on multiple fronts and working collaboratively across sectors.

SDG 8 Targets and Indicators: SDG 8 has 12 targets and 23 indicators that measure progress toward achieving the goal. Here are the targets and indicators:

Targets:

1. Sustain per capita economic enhancement following national circumstances, particularly at least 7 percent gross domestic product growth annually in the least improved regions.
2. Gain higher levels of economic productivity through diversification, technological upgrading, and innovation, including focusing on high-value-added and labor-intensive areas.
3. Promote improvement-oriented policies that support productive activities, decent job creation, creativity, and innovation, and encourage formalizing and enhancing micro-, small- and medium-sized efforts through access to financial services.
4. Following the 10-Year Framework of Programs on Sustainable Consumption and Production, develop global resource efficiency in consumption and production gradually until 2030, with developed nations taking the lead, and aim to divorce economic expansion from environmental damage. By 2030, achieve full and productive jobs and polite work for all women and men, including for young people and persons with inabilities, and equal pay for work of equal value.
5. By 2020, the proportion of youth not in employment, education, or training will substantially decrease.
6. Take immediate and quality measures to eradicate forced labor, end the latest slavery and human trafficking, and assure the ban and elimination of the worst forms of child labor, including demand and benefit of child soldiers, and by 2025 end child labor in all its forms.
7. Protect labor rights and develop safe and secure working situations for all workers, including migrant workers, particularly women migrants and those in precarious jobs.
8. By 2030, devise and implement policies to develop sustainable tourism that creates employment and develops native lessons.
9. Strengthen the capability of domestic financial institutions to inspire and expand access to banking, insurance, and financial services for all.
10. Raise Aid for Trade support for improving countries, particularly least developed countries, through the Enhanced Integrated Framework for Trade-Related Technical Assistance to Least Improved regions.
11. By 2020, improve and operationalize a global strategy for youth jobs and implement the Global Jobs Pact of the International Labor Organization.

Indicators:

1. Gross domestic product per capita, annual real GDP growth rate per capita, and employed person
2. Increasing value added as a proportion of GDP and per capita
3. The ratio of informal employment in non-agriculture employment by sex
4. Element footprint, element footprint per capita, and element footprint per GDP
5. Employment-to-population ratio by sex, age, and persons with disabilities
6. The percentage of youth (aged 15–24 years) not in education, job, or training
7. Percentage and number of children aged 5–17 years assigned to child labor by sex and age
8. Rotation rates of fatal and non-fatal occupational injuries by sex and migrant status
9. The total achievement of travel and tourism to GDP by country and region and the percentage of total exports
10. The ratio of adults (15 years and older) with an account at a bank, other financial institution, or a mobile-money-service provider
11. Aid for Trade commitments and disbursements
12. Unemployment cos by sex, age, and persons with disabilities

SDG Goals in Bangladesh: Bangladesh is committed to achieving all 17 Sustainable Development Goals (SDGs) by 2030, including SDG 8 on decent work and economic growth.

In particular, the government of Bangladesh has focused on the following SDG 8 targets and indicators:

• Gain higher levels of economic productivity through diversification, technological upgrading, and innovation, including focusing on high-value-added and labor-intensive sectors.

Real GDP per capita annual growth costs

• Raise improvement-oriented policies that support productive activities, decent employment creation, entrepreneurship, creativity, and innovation, and encourage formalizing and enhancing micro-, small- and medium-sized efforts through access to financial services.
  • The ratio of informal employment in non-agriculture employment by sex
• By 2030, achieve full and productive jobs and polite work for all women and men, including young people and persons with inabilities, and equal pay for work of similar cost.
  • Employment-to-population ratio by sex, age, and persons with disabilities
  • Unemployment costs by sex, age, and persons with disabilities
• Take immediate and valuable measures to eradicate forced labor, end the latest slavery and human trafficking, and assure the prohibition and elimination of the worst forms of child labor, including the demand and benefit of child soldiers, and by 2025 end child labor in all its forms.
  • Ratio and number of children aged 5–17 years engaged in child labor by sex and age.

To achieve these targets and indicators, Bangladesh has implemented various policies and programs to develop sustainable economic growth, create decent jobs, reduce poverty and inequality, improve access to education and skills training, and promote gender equality and social inclusion. These include the National Employment Policy, the Microfinance Regulatory Authority Act, the Women Entrepreneurship Development Program, and the National Child Labor Elimination Policy.

How is Fabric Lagbe playing an Important Role to Achieve SDG 8?

Fabric Lagbe is a Bangladeshi e-commerce platform that connects small and medium-sized garment manufacturers with fabric suppliers. The platform is essential in achieving SDG 8 by promoting economic growth and decent work opportunities in Bangladesh’s garment sector.

Fabric Lagbe helps small and medium-sized garment creations access affordable and high-quality fabrics, increasing their productivity and competitiveness. By making it easier for manufacturers to access materials, Fabric Lagbe is helping promote economic growth and job creation in the garment sector, a crucial driver of Bangladesh’s economy and a significant employer of low-skilled workers.

In addition to promoting economic growth, Fabric Lagbe is also helping to create decent work opportunities in the garment sector by promoting fair labor practices and improving working conditions. The platform works closely with its suppliers to ensure they adhere to ethical and sustainable production practices, such as paying fair wages and providing safe working environments.

By promoting economic growth and decent work opportunities in the garment sector, Fabric Lagbe is helping to achieve several SDG 8 targets and indicators, including Target 8.2 on economic productivity, Target 8.3 on job creation and entrepreneurship, and Target 8.5 on decent work and equality pay. Additionally, by promoting ethical and sustainable production practices, Fabric Lagbe contributes to Target 8.7 on eradicating forced and child labor.

Fabric Lagbe is essential in achieving SDG 8 by promoting sustainable economic growth, decent work opportunities in Bangladesh’s garment sector, fair labor practices, and ethical production standards.