COMPARATIVE

ECONOMIC
DEVELOPMENT
PLANNING
What is Economic Development?
What is Economic Development?
Economic development is a process where a
community works to improve the living
conditions of its residents. This includes
reducing or eliminating poverty,
unemployment, illiteracy, inequality, diseases
and exploitation. It also means transforming
the structure of society so that there are low
levels of poverty, high literacy rates, low
crime rates, and more job opportunities
available.
 When economic development is successful it can create jobs for
people in the community which helps them generate wealth. However,
economic development is not just about creating jobs and increasing
income; it's also about improving the productivity of local resources
and promoting sustainability for future generations.
 What is Comparative Economic
Development Planning?
Comparative Economic Development Planning is an area in
economics that teaches students about theories and
policies at different scales (local, national, regional, and
global) that impact socioeconomic change. It examines
how local knowledge and culture affect economic
structures as well as how institutions like states or
organizations influence governance at different levels.
This field considers all factors affecting economic growth
including elites' decisions on politics or capital
accumulation modes while taking into account multilateral
agencies such as philanthropic foundations working
towards sustainable socio-economic
enterprises globally.
“Behind the
Economic Planning is
development.”
- Unknown Author
Economic planning is an important part of a country's development. It involves setting goals and
targets, and figuring out how to achieve them. Economic planning is done by the government,
with the goal of coordinating economic decision making over a long period of time. The aim is to
influence and control the level and growth of a nation's economy in order to achieve specific
objectives.

When planning for economic development, it's important to have programs, projects, and
activities that are deliberately planned with clear direction and outcomes. This requires
competent human resources, adequate logistics, economic and political policy support systems,
ready alternatives based on implementing rules and regulations, monitoring, evaluation to
ensure non-wastage of effort/money/materials.

Through economic development planning local economists or country’s economic players can
predict what may happen in the future such as whether the economy will contract or stagnate
or expand which helps in administrative/managerial functions.
 What is economic development planning?
Development planning is a way for the government to
intentionally influence and manage changes in different
aspects of a country's economy over time. This includes
things like income, spending, production, consumption,
saving, investment, and foreign trade. Economic
development planning is specifically focused on
coordinating economic decision-making over the long
term with the goal of achieving certain growth objectives.
This involves creating a detailed plan document or using shorter-term plans in
specific sectors to guide decision-making. The aim is to control key economic
variables such as income levels, employment rates, savings rates and
exports/imports to achieve predetermined goals for growth and development.
 01.
How the country’s government mobilize and

Importance of the allocate resources (both local and foreign aid).

e.g. return of investment (ROI) on training and
Economic Development education subsidies (e.g., scholarship and fund
assistantship) to public schools;
Planning (EDP)

A. In the context as an input

02.
Why the economy fails (causes of economic
to decision making of recession, depression, budget projection, and
the like);
government leaders
and key economic players,
EDP would provide adequate
understanding on:
03.
Why foreign borrowings result or an alternative
remedy due to
poor governance;
 The impact of attitudinal and psychological or

Importance of the 04. cultural orientations of stakeholders since it is

also a case that government leaders are good at
Economic Development planning but not efficient in the implementation
and not effective in coming up with intervention
Planning (EDP) due to poor monitoring and evaluation;

A. In the context as an input

to decision making of
05.
The need of community problem-based planning
process;
government leaders
and key economic players,
EDP would provide adequate
understanding on:
06.
the requirements of economic policy legislation
if there is policy bias that currently exists; 

Importance of the
Economic Development
Planning (EDP)
A. In the context as an input
to decision making of
government leaders
and key economic players,
EDP would provide adequate
understanding on:
the concepts, ideas, and strategies employed in
07. the pursuit of economic development
influenced by foreign policies and
partnership programs and projects; and
8. goals and objectives of economic
08. development and basic principles in critically
examining alternative development policies and
programs that eventually may generate
strategies or options as forms of intervention
and cascading the realization of desirable end
results.