Economic Productivity & Job Creation
The relationship between productivity and sustainable development is a two way street. Investing in Sustainable Development can also foster productivity. Higher productivity and higher consumption are necessary for sustainable development and growth.
Sustainable development is built on three pillars of productivity: economic growth, ecological balance and social progress. In order to achieve sustainable development, it is necessary to address productivity issues at the three levels:
- At the national level, to ensure that an overall environment conducive to productivity enhancement is created;
- At the sectoral level, to devise industry-sector strategies to encourage the advancement of productivity; and
- At the enterprise level, to provide the necessary assistance for the improvement of productivity of units.
The declines in economic growth and productivity growth are worrying as both play a vital part in the development process. Strengthening productivity is a critical element to ensuring a catalytic shift to more stable and sustainable development models. It is also crucial to making growth more resilient, inclusive and equitable.