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Target 8.6: Globally, nearly one in four (23.5%) young people were not in education, employment, or training (NEET) in 2022.

Global unemployment is projected to edge up slightly in 2023, by around 3 million, to reach 208 million, corresponding to an unemployment rate of 5.8%. Despite an uncertain global economic outlook, unemployment is projected to increase only moderately, as a large part of the shock is being absorbed by falling real wages in an environment of accelerating inflation.

Target 8.5: The global unemployment rate declined significantly in 2022, falling to 5.8% from a peak of 6.9% in 2020 as economies began recovering from the shock of the COVID-19 pandemic.

However, this calculation is only based on average hourly earnings, thus not controlling for characteristics such as the sector or occupation, educational level or amount of work experience. The median gender pay gap across 102 countries is approximately 14%.

Target 8.5: Equal treatment in employment, including fair and equitable earnings, is fundamental for achieving decent work for all.The subsequent recovery from COVID-19 has been driven by informal employment, which has caused a slight increase in the incidence of informality. The pandemic resulted in a disproportionate job loss for informal workers, particularly for women, in 2020. Prior to the onset of the pandemic, the incidence of informal employment had been slowly declining and stood at 57.8% in 2019. Target 8.3: Globally, 58.0% of those employed were in informal employment in 2022, amounting to around 2 billion workers in precarious jobs, most lacking any form of social protection.The latest estimates extend the downward growth trend, from an average annual rate of 1.8% between 2000-14 to 1.4% between 2015-22. However, even before the onset of the COVID-19 pandemic, productivity growth had been slowing around the world.

Productivity growth slowed in 2022, increasing by only 0.5%. Target 8.2: After a sharp decline in 2020 due to the COVID-19 pandemic, labour productivity rebounded in 2021 by 2.4%.It is expected that the growth in real GDP of LDCs would strengthen to 4.3% in 2022 and to 4.4% and 5.4% in 20, respectively. The growth in real GDP of LDCs slowed down from 5% in 2019 to just 0.2% in 2020 before recovering to 2.6% in 2021. However, growth in global real GDP per capita is forecast to slow down to 2.1% in 2022 and further to 1.0% in 2023, before recovering somewhat to a growth rate of 1.8% in 2024. Target 8.1: Following a sharp decline of 4.1% in 2020, global real GDP per capita increased by 5.0% in 2021.Achieving SDG8 will require a wholesale reform of our morally bankrupt financial system in order to tackle rising debts, economic uncertainties and trade tensions, while promoting equitable pay and decent work for young people. Global real GDP per capita is forecast to slow down in 2023, putting at risk not just employment and income but also advances in equitable pay for women and decent work for young people. Combined, these crises are placing the global economy under a serious threat. The lingering effects of COVID-19, cost-of-living crises, trade tensions, uncertain monetary policy paths, rising debts in developing countries, and the war in Ukraine can each significantly set back global economic growth. Progress towards achieving SDG8 has been challenging and the world is far from reaching most of the targets.