The Influence of Sustainability on Global Economic Growth Essay

This essay delves into the intricate relationship between global economic growth and sustainability. It highlights the importance of sustainable development in addressing economic, socio-political, and environmental issues. The essay discusses the strategies that facilitate the achievement of sustainable development goals, emphasizing the role of governments, civil society, and businesses in fostering global growth. It also examines critical challenges like climate change and poverty, and explores strategies such as identifying economic foundations, improving growing businesses, and promoting fair economic labor laws. Furthermore, it underscores the significance of international cooperation, technological advancements, and financial innovations in achieving sustainable economic development. The essay concludes by emphasizing the need for a unified approach across socio-political, economic, and environmental sectors to ensure global growth and sustainable development.

Running head: GLOBAL GROWTH
Global growth
Name
Institution

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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).

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People are essential in achieving sustainable economic development. The developing countries
need to encourage employment opportunities to people living in poverty to enable them to
exploit their potential values in business and investment. Women and youths should be
empowered to practice entrepreneurship or seek formal employment to change their lives by
reducing poverty. They should develop new skills and knowledge of job opportunities provided
to them. Literacy and numeracy skills should employ for effectiveness.
Structured and meaningful workplace learning opportunities need to increase. For
example, the agricultural sector to enhance more food production. Learning initiatives will
promote productivity, business growth, and market expansion. Hence, private sector enterprises
are using available knowledge in their businesses to increase employment opportunities for men
and women who are poor. A group of small farmers that has new skills and expertise is enabled
to generate potential revenue and add their productivity of crops and cereal (Kabeer, 2016). s. In
almost all countries in the world, people lack access to justice. It is crucial if the government t
implement reforms that enable fostering of peaceful societies for sustainable development.
It is vital if aid in developing countries is provided. The international systems provide
funding to agencies such as UN Children Fund (UNICEF), World Health Organization (WHO),
and the offices of the UN high commission for Refugees (UNHCR) and the Food and
Agriculture Organization (Hulten, & Ramey, 2017). The local systems should be empowered in
the form of businesses and regional governments to promote international organizations.
Moreover, the humanitarian system must decentralize to allow flexibility. For example, in
Lebanon, there is a refugee crisis whereby Syrian refugees are crowding ( Blanchet, Fouad, &
Pherali, 2016). They are placing pressure on schools and social services. The municipalities
involved should get support. Needs and capacities should be identified to provide effective unity.

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Integration of peace building programmes and development can help mitigate conflict
and build peace among groups in non-peaceful nations (Van den Berg, 2016). The approach is
vital in addressing issues of instability and achieving development outcomes. Also, Leverage
financial service innovations can promote growth and control risk. For instance, guaranteeing
loans in developing countries such as Kenya, Uganda, and Haiti encourages banks to be
established in rural areas and enable the extension of credit. Micro-finance and insurance
initiatives reduce vulnerability by promoting digital infrastructure and financial services.
Consequently, the UN aid system should redirect by expanding the role of stakeholders,
especially local Non-governmental Organizations and International aids. Development
organization in global health is working on a plan to establish health strategies in worldwide
hospitals and health centers. The UN sets the Sustainable Development Goals (SDGs) for
enhancing vision 2030 Agenda (United Nations, 2016)
In vision 2030, access to reliable and affordable energy in the global world is needed to
improve international cooperation to facilitate access to clean energy technology and better
infrastructure (Ohler, & Fetters, 2014). The least developed, land-locked and small island
countries should get attention over support. The global population relies on technology and
natural fuels. Thus it should be more advanced to provide sustainable economic development.
According to the Gross domestic product, the economic target is 7 percent per annual growth for
developing countries. Advanced technology, entrepreneurship, and better productivity will
promote diversification. The aim for 2020 is to reduce unemployment of youths by implementing
the Global Jobs Pact of the International Labour Organization (ILO, 2009). Also, a strategy for
youth employment

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Moreover, by 2030, establishing policies for sustainable tourism will create job
opportunities (Barg, 2018). Increasing local and international trade and strengthening domestic
financial institutions is crucial to economic development. Trade enhancement is a method of
promoting sustainable economic growth. Participating in international cooperation is critical to
the provision of technology, expertise and financial support from developed countries to
developing countries. Through partnerships in investments, the revenue generates in government
projects and facilities.
On the contrary, Sustainable Development Goals (SDGs) can be contradictory. For
instance, looking for high levels of quantitative GDP growth might undermine inequality,
ecological and sustainability objectives (Hulten, & Ramey, 2017). Also increasing wages and
employment can increase the cost of living. Furthermore, the goal of enabling sustainable
lifestyle levels and human population to the number which can sustainably support at a certain
lifestyle level faces negligence. Reproductive rates in human society need to get clear
recognition as independent variables in aiming at a sustainable human community. Socio-
political, economic and environmental sectors should have unity to achieve sustainable
development.
There are issues of disarmament, demilitarization and conversion to peace based
economies show negligence. They lead to robotization of tasks, lack of reliable United Nations
and Sustainable Development Goal financing, corruption and the need for global citizenship
education. The citizens also lack empowerment to participate in global-level priority-setting
process and decision making. Thus, the success needed is not enough to cause sustainable
economic development. Furthermore, there is a high cost of achieving the various goals in

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acquiring sustainable development. For example, more funds can be used to eradicate poverty.
(Woodward, 2015)
Conclusion
In conclusion, achieving global growth requires sustainability. Various strategies are used
to help attain sustainable development goals in developing and developed countries on the
economic, socio-political and environmental factors. Therefore, each state should enable the
legislation and adopt a plan for action. Also, establish a manageable budget in the economy.
Lastly, rich countries should provide support to developing countries. Hence, international
coordination is essential.

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