Global Economic Outlook and Sustainable Development Goals

The global economy currently faces a critical juncture, with the choice between descending further into protectionism and uncertainty or collaboratively reigniting growth through win-win partnerships and genuine multilateralism. This decision is closely linked to advancing the Sustainable Development Goals (SDGs), particularly those related to economic growth, decent work, and partnerships for the goals.

Challenges to Free Trade and Economic Globalization

For decades, free trade has been instrumental in creating jobs, providing affordable consumer goods, improving global welfare, and promoting economic globalization. However, recent trends indicate a rise in trade barriers and fragmentation, threatening these gains and hindering progress towards SDG 8 (Decent Work and Economic Growth) and SDG 17 (Partnerships for the Goals).

Insights from the 16th Annual Meeting of the New Champions (Summer Davos)

Held in Tianjin, North China, the 16th Annual Meeting of the New Champions of the World Economic Forum (WEF) gathered global leaders from government, business, academia, and other sectors. The forum focused on addressing challenges impeding global growth and shaping a resilient, sustainable future aligned with the SDGs.

Key Focus Areas

1. Outlook on China
2. Investing in People and Planet
3. New Energy and Materials
4. Industries Disrupted
5. Deciphering the World Economy

These areas directly relate to multiple SDGs, including SDG 7 (Affordable and Clean Energy), SDG 9 (Industry, Innovation, and Infrastructure), SDG 12 (Responsible Consumption and Production), and SDG 13 (Climate Action).

Current Economic Challenges

• Slow global economic recovery post-COVID-19 pandemic
• Escalating geopolitical conflicts and policy uncertainties
• World Bank’s Global Economic Prospects forecast a 2.3% growth in 2025—the slowest since 2008, excluding recession years

These challenges underscore the urgency of innovative solutions and partnerships to achieve sustainable economic growth (SDG 8) and reduce inequalities (SDG 10).

Role of Innovation and Entrepreneurship in Sustainable Growth

Entrepreneurship and innovation are vital in unlocking new growth drivers and fostering strong partnerships, crucial for SDG 9 and SDG 17. The ongoing scientific and technological revolution, emphasizing intelligent, green, and health technologies, offers new avenues to address global challenges.

At the forum, WEF unveiled the top 10 emerging technologies of 2025, such as collaborative sensing and generative watermarking, expected to impact real-world problems within three to five years. These innovations support SDG 3 (Good Health and Well-being), SDG 7, and SDG 13.

Enhancing China-World Cooperation

The Summer Davos serves as a significant platform for promoting exchanges between China and the global community, enhancing practical cooperation aligned with SDG 17. The event facilitates knowledge sharing and enables businesses and investors to establish partnerships that advance sustainable development.

This year’s meeting recorded the highest number of participants in recent years, reflecting a collective commitment to uphold economic globalization, free trade, and enhanced economic and trade cooperation with China.

China’s Commitment to Multilateralism and Sustainable Development

• China remains dedicated to multilateralism and free trade, supporting SDG 17.
• As the world’s second-largest economy, China offers numerous opportunities for win-win cooperation.
• Technological advancements in new energy and artificial intelligence demonstrate China’s focus on innovation-driven growth (SDG 9) and clean energy (SDG 7).
• China’s high-standard opening-up policies highlight economic dynamism and resilience, transitioning towards consumption and innovation-led growth models.

Conclusion: Pathways to Shared Development and Stability

Win-win cooperation and close collaboration are essential strategies to overcome the global economic growth challenges and achieve shared development goals consistent with the SDGs. The 2025 Summer Davos aims to catalyze new partnerships, contribute innovative solutions to development challenges, and provide much-needed stability and certainty to the global economy.

1. Sustainable Development Goals (SDGs) Addressed or Connected

1. SDG 8: Decent Work and Economic Growth
   • The article discusses global economic growth, job creation through free trade, and the need to reignite growth amid challenges.
2. SDG 9: Industry, Innovation, and Infrastructure
   • Focus on entrepreneurship, innovation, new technologies, and the sci-tech revolution.
3. SDG 17: Partnerships for the Goals
   • Emphasis on multilateralism, win-win partnerships, and global cooperation to address economic challenges.
4. SDG 7: Affordable and Clean Energy
   • Reference to new energy technologies and China’s progress in new energy fields.
5. SDG 13: Climate Action
   • Implied through the mention of green technologies and sustainable development.

2. Specific Targets Under Those SDGs Identified

1. SDG 8 Targets
   • Target 8.1: Sustain per capita economic growth in accordance with national circumstances.
   • Target 8.2: Achieve higher levels of economic productivity through diversification, technological upgrading, and innovation.
2. SDG 9 Targets
   • Target 9.5: Enhance scientific research, upgrade technological capabilities of industrial sectors.
   • Target 9.4: Promote sustainable and resilient infrastructure and industries.
3. SDG 17 Targets
   • Target 17.16: Enhance the global partnership for sustainable development.
   • Target 17.17: Encourage and promote effective public, public-private and civil society partnerships.
4. SDG 7 Targets
   • Target 7.2: Increase substantially the share of renewable energy in the global energy mix.
5. SDG 13 Targets
   • Target 13.1: Strengthen resilience and adaptive capacity to climate-related hazards and natural disasters.

3. Indicators Mentioned or Implied to Measure Progress

1. Indicators for SDG 8
   • Annual growth rate of real GDP per capita (implied by economic growth forecasts such as the World Bank’s 2.3% growth forecast).
   • Employment rates and job creation linked to free trade and economic globalization.
2. Indicators for SDG 9
   • Research and development expenditure as a proportion of GDP (implied through emphasis on innovation and technology).
   • Number of emerging technologies adopted (e.g., top 10 emerging technologies of 2025 by WEF).
3. Indicators for SDG 17
   • Number and effectiveness of international partnerships and cooperation agreements (implied by discussions on multilateralism and partnerships at the Summer Davos).
4. Indicators for SDG 7
   • Share of renewable energy in total energy consumption (implied by references to new energy technologies and China’s progress).
5. Indicators for SDG 13
   • Implementation of green technologies and measures to reduce environmental impact (implied by mention of green technologies).

4. Table of SDGs, Targets, and Indicators

Source: global.chinadaily.com.cn