SDG #8 is to “Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all.”
Within SDG #8 are 12 targets, of which we here focus on Target 8.1:
Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7 per cent gross domestic product growth per annum in the least developed countries
Target 8.1 has one indicator:
Indicator 8.1.1: Annual growth rate of real GDP per capita
This target and indicator ask for us to aim for an increase of GDP, but also to keep pace with price rises from inflation, but also population growth. If GDP rises 7%, but so does the population growth, the actual rise in GDP cancels out. Likewise, if the GDP rises 7% but the inflation rate is 4%, then the GDP growth is only 3%.
The per capita annual growth rate for the world economy in 2022 was 2.28%, an increase from 1.86% in 2015, the year of the SDGs adoption. In the years following 2015, there was a dip in 2016 to 1.60%, followed by an increase in 2017, a tiny dip in 2018, a drop in 2019 to 1.51%, then a big drop in 2020 to -4.03%. 2021 saw a 5.31% rise, before an almost halving in 2022.
In 2022, the only Least Developed Countries with GDP growth rates above 7% was Niger with 7.43%
