PRS4510 Global Sustainability Issues

Running head: GLOBAL GROWTH
Global growth
Name
Institution

GLOBAL GROWTH 2
Introduction
Global economic growth is the increase in an economy’s capability to produce goods and
services. It needs sustainability for a better economic future. Sustainable development aims at
addressing various economic, socio-political and environmental issues. It can be achieved, but it
is affected by factors such as lack of economic growth, political support . To address these
issues, the United Nations Development Programme developed the millennium development
goals. The goals include: to accomplish universal primary education, eradicate extreme hunger
and poverty, promote gender equality, improve maternal health, enhance environmental
sustainability, reduce child mortality and encourage global partnership to enhance the
development of the economy. The following essay focuses on how sustainability can influence
global growth. The strategies that enable sustainable development goals are also discussed.
Global goals will be reviewed in 2030. They include; to enhance sustainable production
and consumption of goods, reduce inequality among nations, promote durable water and
sanitation management, ensure healthy living among people and end poverty globally, provide
quality education, address gender equality, achieve improved food security and enhance global
partnership among countries to enable sustainable development. The targets are achievable but at
a slow pace. The United Nations initiated the goals for providing sustainable development.
Therefore, for them to work, the government of both developed and developing countries should
provide support. Also, the civil service, Non-governmental organizations, and businesses should
cooperate towards global growth with sustainability.

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Besides, it is critical to achieve complete sustainability due to overlapping political,
national and economic issues. One of the major global problems is climate change which is a risk
factor in food security, economy, and ecosystems. The significant colonies are addressing the
issue, and the sustainable development goals need to send. There is a growing rate of poverty in
developing countries. Efforts are made to reduce it by stimulating, local, national and regional
economic growth which can help to generate financial resources. Moreover, a dynamic economy
will create employment for citizens and increase the revenue needed for government projects.
Expansion of international trade and domestic markets enables investment, increasing business
opportunities and enhances growth (Carballo‐Penela, & Castromán‐Diz, 2015).
The developing countries may face risks particularly in the private sector where barriers
are involved in regional and global markets. Also, to enable the achievement of economic
sustainability and development, there are various growth strategies that can be employed. The
first strategy is identifying economic foundations (Van, 2016). It is apt to support developing
governments to enhance the necessary financial framework, regulatory business, industrial and
legislation, which can promote sustainable growth. The second strategy is to improve growing
businesses. The provision of productivity, economic viability, and competitiveness of private
sector businesses help in increasing employment opportunities for the poor. Also, investing in
citizens enables them to benefit and expand business opportunities in the formal and informal
sectors.
Nevertheless, for the strategies to work, every country should build economic
foundations. They should ensure economic and financial management, reduce corruption and
enact public policies that support private investment. Moreover, balanced regulations and laws
can be used to govern their economies (Carballo‐Penela, & Castromán‐Diz, 2015). Effective

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regulatory regimes should be used to maintain standards, enable competition, manage resources
and enhance property rights. Furthermore, fair economic labor laws empower poor people. The
poor should be allowed access to resources and land, tenure security and use the assets
sustainably and productively to enable global growth.
Globally, governments should promote policies that support the management of natural
resources which will improve the environmental sustainability of economic activity by
reinforcing long-term viability (Van den Berg, & Lewer, 2015). Developing countries need to
apply social responsibility principles in natural resources industries. Also, it is vital if public
finance, institutions at local, regional and national levels to ensure sustainable development. The
government's industries needs support to integrate regional and global markets. Nevertheless,
natural resources management should provide a social and sustainable way of supporting global
economic growth.
Moreover, the private sector is a big factor in achieving sustainable economic growth.
The developing countries that are privileged with big and healthy private sectors should advance
by increasing higher education and reducing poverty. Small businesses need support to reach
international standards by integrating through local and global value chains. The activities
conducted in developing countries should get access to advancements in technology and
innovations that can increase sustainability (Epstein, 2018). Also, insurance, microfinance
product, and financial services can increase for more accessible and efficient access.
Consequently, the efforts made will enable the accessibility of financial services and
proper credit. The services will benefit the poorest groups in a country's population. There is a
need to establish more microenterprises that are led by women (Cornwall, & Rivas, 2015).