Economic Growth, Employment and Decent Work as a Sustainable Development Policy for All

Abstract

AbstractThe Sustainable Development Strategy: Egypt Vision 2030 establishes the development march of an advanced and prosperous nation that is maximizing the use of competitive possibilities and advantages. The strategy has adopted the twin principles of sustainable development and inclusive growth as a general framework for improving welfare and quality of life. The concept of economic well-being represented by economic growth must include an increase in real per-capita income which must be long term, not temporary. Sustained and inclusive economic growth drives development by providing more resources for education, health, consumption, transport, and water and energy infrastructure, leading to new and better employment opportunities. But it is not sustainable when countries deplete their natural resources for the sake of economic growth, thus shifting the burden of environmental degradation and damage onto future generations. This chapter recommends that Egypt should decrease interest rates and reduce the cost of borrowing, increase consumer and investment spending and increase real wages by deliberate downward adjustment of the value of the local currency relative to other currencies. Development of information technology, improvement of worker skills, and increasing the supply of labour by raising the retirement age are also important.KeywordsEconomic growthEmploymentDecent workSustainable developmentDevelopment of technologyEconomic growthSustained and inclusive economic growth