Economic Growth

Focus 8: Economic Growth

Mission

Achieving sustained and inclusive economic growth for sustainable development remains the surest means of eradicating poverty and attaining shared prosperity. At the same time, growth should be pursued in ways that brings beneficial environmental and social impacts. Some areas that could be considered include:

  1. enhancing macroeconomic policy coordination;

  2. fostering conducive regulatory and fiscal systems to promote sustainable development;

  3. encouraging structural transformation towards higher productivity sectors and activities;

  4. substantially improving energy and resource productivity of economic activities;

  5. promoting entrepreneurship, small and medium scale enterprises, and innovation;

  6. creating productive, well-paid jobs;

  7. promoting investments in infrastructure such as roads, railways, ports, electricity, and communications;

  8. strengthening productive capacities in all countries with a particular focus on LDCs, including through technological upgrading and value addition;

  9. promoting an open, rules-based, non-discriminatory and equitable multilateral trading system;

  10. promoting trade facilitation and preferential market access for LDCs;

  11. ensuring debt sustainability;

  12. facilitating international technology cooperation and technology transfer, particularly for environmentally sound technologies;

  13. developing and using evidence-based, high quality, timely, disaggregated data sources; and

  14. appropriate means of implementation*.

Actions

  • Economic growth is a prerequisite for poverty eradication, which remains our overriding priority. Growth needs to be inclusive, sustained and sustainable, and cognizant of the need to promote harmony with nature. Reducing inequalities within and between countries facilitates the goals of poverty eradication and shared prosperity.

  • Rapid and lasting growth in many emerging economies has resulted in new realities and possibilities in the world economy.

  • Industrialization is a key driver of productivity growth and job creation. Inclusive growth and

  • sustainable industrialization was proposed as a goal. The importance of resource efficiency,

  • decoupling and green growth was highlighted.

  • Many countries particularly in Africa highlighted the need for economic diversification, moving from reliance on primary commodity exports to value addition. For this, productive capacities and technological capabilities need to be strengthened. Small- and medium enterprises (SMEs) are engines for job creation, requiring better integration into national and global value chains.

  • Infrastructure underpins industrialization, rural and urban development. Access to quality

  • infrastructure for all is essential, including transport, energy, water, and communications.

  • Efficient internal financial resource mobilization underpinned successful industrialization policies in newly industrialized countries

  • Sound domestic macroeconomic policies are essential for sustained, inclusive and sustainable growth and development. They need to be supported by means of implementation, including a revamped global partnership, as well as an enabling international environment.

  • External debt sustainability remains a concern for a number of countries, despite progress with debt relief, and requires continued attention. External debt sustainability remains a concern for a number of countries, despite progress with debt relief, and requires continued attention.

  • Trade is a growth driver and, in this regard, an open, fair, rule-based, predictable, and non- discriminatory trading system needs to be maintained and enhanced. There was emphasis on the need to curb illicit financial flows and tax havens, to enhance domestic revenue mobilization including from extractive sector in developing countries.

The above was taken from the United Nations Sustainability web site: http://sustainabledevelopment.un.org/index.php?menu=1300

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