Inclusive Economic Sustainability: SDGs and Global Inequality

Abstract

In view of the 2020 global health crisis and its repercussions on the global economy, the need to redirect conventional economic thinking towards securing global economic sustainability is most critical. The Sustainable Development Goals (SDGs) are a significant move in this direction. However, in the past few years, a clearer understanding of inclusive economics and sustainability indicators have progressed our ability to reduce economic exclusion, chiefly represented by global inequality. Collective wellbeing within the “global village” is shaped largely by these avenues/directions, thus presenting the question: can an improved combination of sustainability priorities be identified that would substantially enhance countries’ adoption of the SDGs? New, inclusive paths to economic progress are essential to a world economy in crisis recovery mode. The aim of the paper is to qualitatively identify key indicators from these different directions to, collectively, address some of the most significant drivers of global inequality, thus improving the adoption rate of the SDGs. As its main contribution, the study found that for economic inclusivity to realistically reduce global inequality its full integration into three areas is necessary: business models, public policy and community development. This should also be supported by “social covenants” to facilitate improved SDG adoption by countries.