Economic Development

Economic development planning and the goals of development

Prepared by: Liezle Precious R. Estrada

MAEd Social Studies
ECONOMIC DEVELOPMENT
PLANNING
ECONOMIC DEVELOPMENT

It is the process
It is a broader concept than It is a programs,
economic growth.
whereby simple, Development reflects
policies or activities
low-income social and economic that seek to improve
national economies progress and requires the economic
economic growth. Growth
are transformed is a vital and necessary well-being and
into modern condition for development, quality of life for a
industrial but it is not a sufficient community.
economies. condition as it cannot
guarantee development.
 Amartya Sen

According to Sen, development is about creating freedom for

people and removing obstacles to greater freedom. Greater
freedom enables people to choose their own destiny. Obstacles to
freedom, and hence to development, include poverty, lack of
economic opportunities, corruption, poor governance, lack of
education and lack of health.
What is an Economic Development Plan?

01 Outline the economic vision, mission, and goals of a community.

02 Outline the economic strategies and specific actions that will be taken

Align with your official community plan if you have one, or other

03 plans that a community has in the works

Help residents, businesses, and local governments understand the

04 economic priorities for a community

05
What Should an Economic Development Plan
Include? 01 Vision

An economic development Mission 02

plan is closely tied to a
performance measurement
process and is usually Goals  03
made up of around five
components:  
Strategies  04

Actions 05
Who Leads Economic Development Planning?
The economic development plan is often led by an economic development
professional like an economic development practitioner or economic
development officer, although this can be different depending on the
economic development model a community chooses. 
 ECONOMIC STRATEGIES

Rapid population Booming economy Job creation or Economic stability Public and private Human resource
growth or decline or stagnation retention issues in an unpredictable partnerships and development,
federal and/or investment education and
global market training
The Goals of Development
To reduce unemployment, achieve economic stability, and increase the standard of living for all
citizens.

To build a highly skilled, flexible workforce.

To identify the economic needs of the chronically unemployed and underemployed in the region,
and encourage programming – including education and retraining -- to meet those needs.

To maintain and strengthen region’s position as a tourist destination

To establish and maintain housing and transportation, communication, and utility systems which
support and foster quality development.

To strengthen, maintain, and continually upgrade technology infrastructure and systems, and
provide adequate access and capacity for current and anticipated needs.

To encourage development that is environmentally sensitive.

To reduce unemployment, achieve economic stability, and increase the
standard of living for all citizens.

*Maintain a broad community consensus regarding the direction of economic

development efforts.
* Promote diversification of the commercial/industrial base.
*Encourage access to economic incentives for quality job creation and/or tax base
enhancement.
*Continue to use a unified economic development team, with public/private sector
involvement, to tackle the region’s economic development goals.
*Reduce barriers to economic growth, while recognizing regulatory function.
* Identify additional resources to aid in economic development.
* Maintain a community socio-demographic database as an information clearinghouse for
economic development.
To build a highly skilled, flexible workforce.

* Cooperate with local educational institutions to coordinate training/skill

requirements to meet the needs of local employers.
* Reduce barriers to obtaining necessary or upgraded job skills.
*Utilize the talents and experience of mature workers who bring special
skills and knowledge to the work force.
*Maintain an informational clearinghouse that coordinates job training,
placement, and skills development.
*Develop and deliver educational programming over the widest array of
media.
*Provide information on work skills development and available
employment opportunities through print, electronic, and
telecommunications media.
To identify the economic needs of the chronically unemployed and
underemployed in the region, and encourage programming – including
education and retraining -- to meet those needs.

*Develop awareness of the impediments to employment for this sector of

the population.
*Collaborate with unemployed and underemployed persons and potential
employers to find creative ways to overcome barriers.
*Target- unemployed young adults (ages 18-24) for job/skills training,
providing supportive services as needed.
*Promote access to resources and tools for education, training, and
supportive services through a variety of means and media.
*Encourage business, labor, education, and government partnerships to
solve work force development problems.
To maintain and strengthen region’s position as a tourist destination.

• Promote existing attractions.

• Promote a variety of additional year-round tourist attractions.
• Focus resources on future tourism initiatives, including those identified
in the community visioning process.
• Foster enhanced recreational access to local attractions as an
economic development strategy.
To establish and maintain housing and transportation, communication, and
utility systems which support and foster quality development.

*Coordinate the provision of supportive infrastructure in concurrence with

new development.
*Improve transit connections between residential communities and work
sites.
*Coordinate infrastructure investment strategies of government, business,
and local institutions.
To strengthen, maintain, and continually upgrade technology infrastructure and
systems, and provide adequate access and capacity for current and anticipated
needs.

*Foster communication with end users regarding current and future needs.
*Explore feasibility of community wide wireless computer networks, or
Wi-Fi (wireless fidelity).
*Promote opportunities of the information superhighway for economic
development.
To encourage development that is environmentally sensitive.

*Target environmentally sensitive business and industry in recruitment

efforts.
*Promote development of businesses and industries that are committed to
enhancing local environmental quality.
*Promote and encourage the use of alternative and/or renewable fuel and
energy sources for
vehicle fleets, building operations, and manufacturing processors.
SOURCES:
https://www.economicsonline.co.uk/Global_economics/Economic_development.html
https://www.dubuquesmartplan.org/pdf/EconomicDevelopmentGoalsandObjectivesDraftApporved1-11-2011.pdf
https://www.ph.undp.org/content/philippines/en/home/sustainable-development-goals.html
https://www.un.org/development/desa/disabilities/envision2030.html
http://www.sehinc.com/news/how-develop-strategic-economic-development-plan
https://
www2.gov.bc.ca/gov/content/employment-business/economic-development/plan-and-measure/economic-development-bas
ics/what-is-an-economic-development-plan
http://www.iedconline.org/clientuploads/Downloads/IEDC_ED_Reference_Guide.pdf