The New Global Economy and Economic Inclusion: Achieving the SDGs Together

This chapter provides a comprehensive analysis of the new global economy of the twenty-first century, characterized by unprecedented technological advancements, shifting geopolitical power, and the evolving dynamics of globalization. It explores the intersection of economic inclusion and sustainable development, emphasizing their role in achieving the UN SDGs by 2030. The chapter first examines the 4IR and its transformative impact on industries, labour markets, and economic productivity. It highlights how digitalization, automation, and AI are restructuring global value chains, requiring new policies to ensure inclusive growth. It also examines other key trends like the geopolitical and geoeconomic shifts, particularly the US-China tech and trade war, de-dollarization, and regional economic fragmentation. The chapter also explores the role of financial innovation, including FinTech, blockchain, and green finance, in reshaping global markets and fostering economic sustainability. The growing influence of the BRICS+ nations, the rise of economic nationalism, and the emergence of re-globalization are evaluated as key dynamics shaping the future global order. Ultimately, the chapter finds that the current global economic landscape necessitates a move away from purely growth-driven models towards inclusive and sustainable economies that prioritize the well-being of people and the planet. It also finds that achieving the SDGs requires strong political will, increased financing, digital transformation, local participation, and global partnerships. It calls for a cooperative, innovation-driven approach to ensure that economic progress benefits all, particularly in emerging markets. The chapter concludes by advocating for a shared vision between the East and West centered on inclusive growth, sustainable development, and cooperation as the path forward for a resilient and equitable global economy. The findings reinforce the need for strategic global governance and policy adaptation to navigate the complexities of the modern economy. The chapter’s significance lies in its call for a fundamental reorientation of economic thinking and practice to address the intertwined crises of inequality and environmental degradation, aligning the global economy with the SDGs for a more prosperous and sustainable future for all.