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View all search resultsA crossroads to more sustainable, inclusive growth
The COVID-19 pandemic has widened the SDG financing gap by $1.7 trillion on top of the existing shortfall of $2.5 trillion in annual SDG financing.
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T
he COVID-19 pandemic spares no one. But its consequences for health, social and economic conditions are unequal and disproportionately affect the poor and vulnerable. The pandemic is also eroding the global middle class.
Against this backdrop, the Sustainable Development Goals (SDGs) and its underlying principle of leaving no one behind are more than just catchphrases. They provide the framework for addressing the impacts of the pandemic and future crises in a holistic, sustainable and inclusive manner.
The COVID-19 pandemic is expected to add 78 million people into the number of extreme poor or those living under US$1.90 per day in developing Asia in 2020, the Asian Development Bank (ADB) estimates. The number is even larger for those living below $3.20 a day with an additional 162 million people expected to be pushed into poverty in 2020 in developing Asian countries. As progress in poverty reduction is reversed, a considerable erosion of Asia’s middle class is also projected. South Asia’s middle-class population is estimated to decrease by 32 million and East Asia’s by 19 million in 2020 because of the pandemic, Pew Research Center notes.
If the ongoing pandemic has taught us one thing, it is that we cannot go back to the old paradigm of focusing solely on economic growth. Patterns of growth matter in ensuring that all segments of societies participate in and benefit from economic growth. And the SDGs and its mantra of leaving no one behind offers the blueprint for building back better from COVID-19 and other crises, with a focus on green, inclusive and resilient growth.
A recent report by ADB’s Independent Evaluation Department (IED) offers some important observations on how to strengthen the use and potential of this blueprint. The report finds that reinforcing the use of the SDGs framework requires first that countries take strong ownership of the SDG’s 17 goals and targets; second, that the country financial requirements for reaching the SDGs in a post-pandemic setting are urgently re-assed and addressed; and third that data gaps for monitoring development outcomes are tackled.
Ownership demands greater localization of the SDGs framework. Localizing the SDGs means tailoring them to country contexts, especially at sub-national levels. Local governments, communities and stakeholders are important actors in ensuring that development outcomes promoted by the SDGs are embedded in public service delivery especially those targeting poor and marginalized households and individuals at risk of being left behind.
As the IED report notes, localizing the SDGs will benefit from raising social awareness on the SDGs, establishing local SDG champions, and helping local governments incorporate the SDGs into their planning and budgeting processes.
