DATE:__SEPTEMBER 19, 2023____

COURSE/BLOCK:__BSA 2-3________

ECONOMIC DEVELOPMENT

1.What is the difference between Economic Development and Economic Growth? (15pts)

ECONOMIC DEVELOPMENT ECONOMIC GROWTH

 As of its definition It is the positive quantitative change in the output of an
economy in a particular time period.
 For its concept is narrower
 For its nature of approach is quantitative
 Its scope is to rise in parameter GDP, GNP, HDI etc.
 For its term/tenure it is short term
 For its applicability is developed
 For its measurements and techniques it increases in national income.
 For frequency in accurence it is in a certain period of time.
 For government AID is automatic process so may not require government
support or intervention.
 As of its definition It is consider the rise In the output in an economy along
with the advancement of HDI which consider rise in living standards
advancement in technology and overall happiness index of the a nation.
 Its concept is Broader.
 For its nature of approach is qualitative
 Its scope is to rise in expecting rate infant, improvement In literacy rate infant
mortality and poverty rate.
 For its term/tenure it is long term
 For its applicability is developing
 For its measurements and techniques it increases in real national income I e.
per capita income.
 For frequency in accurence it is in a continuous process.
 For government AID it is highly dependent in government intervention it is
not possible.

2. Discuss the Economic Development in the Philippine Context. (5pts)

The Philippines is a fast-growing economy in the East Asia and Pacific region, driven by strong consumer demand, a vibrant labor
market, and robust remittances. The services sector, including business process outsourcing, trade, real estate, and tourism, is performing well.
The country has reduced poverty from 23.5 percent in 2015 to 18.1 percent in 2021 1, despite the COVID-19 pandemic and other global
challenges such as high commodity prices and tight financial conditions. The Philippine government is pursuing its 8-point socioeconomic
agenda and the Philippine Development Plan 2023-2028 to achieve inclusive, resilient, and sustainable growth for a prosperous society 1. The
Philippine Development Plan (PDP) 2023-2028 aims to transform the economy and society by creating more jobs and reducing poverty faster by
returning the economy to a high-growth path 23. The World Bank has noted that the Philippines has strong domestic growth, but faces global
risks. The country is becoming more urbanized, with a growing middle class and a large and young population. The country is on its way from a
lower middle-income country with a gross national income per capita of US$3,640 in 2021 to an upper middle-income country (per capita
income range of US$4,256-US$13,205) in the near future. To sum up, the Philippine economy has been expanding in recent years despite global
difficulties. With ongoing recovery and reform efforts, the country is projected to grow at 6% in 2022 and 6.3% in 2023 4.