The economic aspect is a vital component of the United Nations' Sustainable Development Goals (SDGs) as it intersects with several key areas such as poverty eradication, decent work and economic growth, industry, innovation, and infrastructure, and reduced inequalities. The UN recognizes that sustained, inclusive, and sustainable economic growth is an indispensable requirement for prosperity and quality of life.
SDG 1, aimed at ending poverty in all its forms everywhere, fundamentally depends on robust economic systems capable of providing opportunities for all. Poverty cannot be eradicated without inclusive economic growth that offers quality employment and business opportunities to the poor and marginalized.
Similarly, SDG 8 calls for promoting sustained, inclusive, and sustainable economic growth, full and productive employment, and decent work for all. It acknowledges that the economy is a key driver of employment and the overall welfare of a nation. Decent work not only provides income but also contributes to individuals' social integration, fosters a sense of identity, and improves their overall well-being.
Moreover, SDG 9 underlines the role of industry, innovation, and infrastructure in creating robust economic growth. By developing quality, reliable, sustainable, and resilient infrastructure, including regional and trans-border infrastructure, countries can support economic development and human well-being.
Furthermore, SDG 10, which aims to reduce inequality within and among countries, also highlights the importance of the economic aspect. Economic inequality can exacerbate social and political divisions, hinder poverty reduction, and slow down economic growth. Thus, policies ensuring equal opportunity and reducing inequalities of outcome are necessary.
The economic dimension also interacts significantly with environmental sustainability (SDG 13, 14, 15) and social factors like education (SDG 4) and health (SDG 3). A green economy can provide a pathway to achieving both environmental and economic objectives. Likewise, investments in health and education can boost economic productivity and growth in the long run.
