This time it will be different, the politicians promise. This time it has to be different, say voters. There has been plenty of talk in recent weeks about the kind of growth, and the kind of economy, we will see now that the UK is finally returning to its pre-recession strength.

Here and elsewhere, as global growth also recovers, the great and the good have been convening on panels under banners such as "inclusive capitalism" and "inclusive prosperity". Britain's business lobby group, the CBI, is talking about "growth for everyone". The UN used its flagship World Investment Report to urge businesses to channel their new spending to support sustainable development goals.

It is easy to see how this concept of more equitable and greener growth has gained traction in the UK. With an election less than a year away, politicians know people are asking why they still feel worse off.

Elsewhere, fears of a jobless recovery have been raised in many countries, and far right and populist parties have gained ground around Europe against the backdrop of deepening insecurity. The debate over how the post-crisis economy can benefit the many and not the few is a welcome start to turning things around. But it is worth stopping to take a quick health check of this recovery so far to see how much work lies ahead.

We are not there yet, was the message from Ed Balls when he delivered his part of Labour's big pitch to business last week. Talking about progress on Tony Blair and Bill Clinton's "third way", the shadow chancellor concluded that "the struggle to prove that a dynamic market economy and a fair society can go hand in hand remains to be won." The prevalence of tax avoidance, poor working conditions and inequality would seem to support him.

Official figures show the tax gap – the amount lost to the exchequer through non-payment and avoidance – increased by £1bn last year to £35bn. HMRC officials pointed out the gap was falling as a percentage of tax due, but critics said the latest figures showed a failure to get big business to pay its dues. Leading tax justice campaigner Richard Murphy says the problem is even worse and that the Treasury is losing £40bn a year due to a shadow economy, where firms and individuals deliberately hide sales from the taxman.

Outside the UK, the International Monetary Fund has warned that the way global companies exploit tax differences is increasingly hurting developing economies. Meanwhile, banks are doing plenty to dash any hopes that lessons were learned from the crisis. The scandals and allegations of market rigging never seem to end. In only the latest of a long string of examples last week, BNP Paribas agreed to pay an $8.8bn fine in the US for dealing with countries that were the subject of American sanctions.

Little sign there of things being different this time. As for whether this latest phase of growth could yield the kind of development the UN wants to see, its own findings on Africa are downbeat. Unctad, the UN Conference on Trade and Development, warns that high growth rates for the continent have done little to lower poverty.

In the world's largest economy, meanwhile, 50 million Americans are living in poverty and the official poverty rate has remained stuck at over 15% despite the recovery.

In the UK, there is a growing realisation that zero-hours contracts and low pay mean work is no guaranteed route out of poverty, while income inequality is getting worse. For the jobless, there were more depressing findings last week in the CBI's "growth for everyone" research.

The group stressed that "who you are has far too much influence on your ability to find a job and progress". Young people, those without advanced skills and those of most minority ethnic groups are being left behind in the jobs recovery, it said. The CBI is calling for government action, but concedes the private sector must help foster more inclusive growth.

Just as consumers are yearning for brands they can trust after the revelations about horsemeat in lasagne, secret psychological tests on Facebook users and scandals such as the collapse of the Rana Plaza textiles factory complex in Bangladesh, a new wave of young workers want more meaningful and useful jobs.

A growing number of consumers around the world are willing to pay more for goods and services from companies committed to positive social and environmental impact, according to research by market intelligence specialists Nielsen.

Meanwhile enterprises that put their profits towards social and environmental goals are growing in number. The national body Social Enterprise UK says that sector is set to swell in size, thanks in large part to young people's attitudes to business and civic duty. For business and politicians, there is a clear case for what management consultants call "doing well by doing good".

The alternative is grim, according to a new study of how life will look over the next 50 years by the Organisation for Economic Co-operation and Development (OECD). Without a shakeup, this is what awaits: slower economic growth, rising income inequality, a doubling of greenhouse gas emissions and an escalating threat of catastrophic environmental events. The better kind of growth had better come soon.