Analyzing Potential of Sustainable Development Goals (SDG) in Reducing Economic Inequalities

Asha Sharma¹

Section:Research Paper, Product Type: Journal-Paper
Vol.8 , Issue.11 , pp.58-62, Nov-2022

Online published on Nov 30, 2022

Copyright © Asha Sharma . This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
 

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Abstract :
In today’s era of industry 4.0, business and national development is growing with no bounds. The developed countries are more developing, and their frugality covers utmost of the part of whole world. Their demand of some targets and goals to make the world to meet today’s need without affecting the ability of future centuries to meet their needs. However, the conception of sustainable growth moves beyond the terrain. The appeal of the objectives (SDG) is that everybody can participate, and every contribution—no matter how modest or significant—will have an effect on the globe. The Paris Agreement alone has created commercial potential worth US$ 23 trillion for developing markets for climate-smart investments. This study`s goal is to recognise the potential of Sustainable Development Goals in reducing inequality. The Data from previous 22 years (year 2000 to financial year 2022) of 163 countries across the world has been collected through department of economic and social affairs, United Nations. Panel data analysis has been used to test the result. It is found that sustainable development goals have significant negatively influenced the income group. The high the SDG score, the low the income inequality. SDG has potential to reduce the income inequality. fixed effect model is found the best suitable model out of three model i.e., pooled model, random model and fixed effect model. It has highest explanation capacity in comparison to other two models. It is explaining 71.42 percentage of the variance in the data. The studies demonstrate that the study of economic inequality has much to offer the SDG-based global policy discourse.

Key-Words / Index Term :
Sustainable Development Goals (SDGs), Income, inequality, panel data, random effect model

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