INCLUSIVE ECONOMIC GROWTH, INDUSTRIALISATION, EMPLOYMENT AND REDUCED INEQUALITY

“Despite economic growth in the past two decades, many economies failed to create sufficient job opportunities for those who are able and willing to work, indicating that economic growth on its own is not enough. This “missing jobs” crisis is more severe in Africa than in other parts of the world where as many as 8 in 10 workers remain in informal employment. The share of African workers still struggling against extreme poverty, known as the working poor, has reduced by only 1% from 30% in 2015 to 29% in 2023.7 This highlights that where jobs are created they are often inadequate and not transformative – meaning that they do not bring with them the required level of wages, social protection, security and dignity, necessary for decent work. African and Global South countries’ reliance on commodity exports and the limited opportunities to climb global value chains, in part, underpin these poor jobs performance. These challenges are common but experienced unevenly between and within countries. While global per capita national income has steadily risen, huge disparities exist. Globally, the top 10% own nearly three quarters of the world’s wealth, while half the world’s population is almost entirely deprived of wealth. Within countries, the top 10% consistently garner a larger share of national income and wealth than the poorest 50%. This context requires renewed policy efforts to create decent jobs and reduce inequality. To coordinate this work, South Africa proposed the creation of a Task Force on Inclusive Economic Growth, Industrialization, Employment and Reduced Inequality”.
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