Approximately half of the world’s population still lives on about $2 USD per day. Yet with global unemployment rates of 5.7%, having a job doesn’t guarantee the ability to escape from poverty. Substandard working conditions are frequently related to poverty, inequality and discrimination. Certain identity groups such as people with disabilities, women, youth and migrants face persisting and systemic barriers to accessing decent work, and are vulnerable to abuse.
Even though the average annual growth rate of GDP per capita worldwide is increasing yearly, there many countries in the developing world are still decelerating in their growth rates and moving farther from the 7% growth rate target set for 2030. As labor productivity decreases and unemployment rates rise, standards of living begin to decline due to lower wages.
Societies need to create the conditions that allow people to have quality jobs and contribute to the economy in order for sustainable economic growth to occur. Commitments need to be made to increase access to financial services so that people can manage their incomes, accumulate assets and make meaningful investments . Targeted actions on trade, banking and agriculture infrastructure will also help economic growth in the world’s most impoverished regions. We need a shift in thinking to repackage our social and economic policies aimed at eradicating poverty and promoting decent work for all.