Post 4: Clarifying the worlds progress on the chosen SDG

 

Global manufacturing growth was already declining before the COVID-19 pandemic because of tariffs
and trade conflicts between the major economies of the world. Tariffs and trade disputes amongst the major economies of the world were already slowing down global industrial growth before the COVID-19 epidemic. Because it restricted the flow of people and goods, it disrupted global value chains and the manufacturing and transportation sectors when it struck. Small-scale industries have been especially at risk. A nation's ability to function and recover from shocks is hampered by the lack of reliable infrastructure, information and communication technologies, and essential services. To achieve Goal 9, the international community must invest more in infrastructure, industrialization, and the promotion of technological innovation. The quickness with which COVID-19 vaccines were developed and produced is one example of the power of technological innovation.

 

The production of medium- and high-tech goods has accelerated the economy's recovery in the second
half of 2021. Global lockdowns caused a significant drop in world production during the first half of 2021. Though most economies began to show indications of recovery by the third and fourth quarters of that year, they were largely driven by medium-and high-tech manufacturing. Compared to the fourth quarter of 2021 to the same period in 2019, these industries experienced growth of about 4%. Due to a global trend toward working from home, remote learning, and online shopping, there has been an increase in demand for computer devices, which has contributed to this expansion. The last quarter of 2021 saw a decline in low-tech product manufacturing across the globe (-1.8 percent).

Small-scale businesses still have trouble getting loans in the world's poorest nations. Although some governments have taken economic support measures in response to the epidemic, such as giving cash to firms, deferring loan payments, or refinancing loans on more favorable terms, officials in LDCs and emerging countries have much less power to implement such measures. Access to financing will be crucial for economic recovery in a post-pandemic environment (Sachs, W. 2017).

Sustainable Development Goals are more crucial than ever. The moment is now to ensure the welfare of individuals, economies, society, and our planet (—Antonio Guterres, Secretary-General of the United Nations).

References

Sachs, W. (2017). The sustainable development goals and Laudato si’: Varieties of post-development? Third World Quarterly, 38(12), 2573-2587.‏