Measurements of economic

growth and Economic

issues in the philippines
Measurement of economic growth
- economic development is not purely an ecobomic
process
- Generally, the ecobomic growths of less developed
countries are measured by comparing the gross
national product (gnp) or for capita income with those of
the united states.
- this not reflect the political, social and cultural growth
of a country.
Shortcoming of GNP and CPI
- national income accounting in less developed countries is
underrated
-another limitation is the inadequacy and anacurracy of
statistics.
Measuring economic growth
-Economic growth is defined as the increase in the market
value of the goods and services produced by an economy over
time.
-It is measured as the percentage rate of increase in the real
gross domestic product (GDP).
- To determine economic growth, the GDP is compared to
the population, also know as the per capita income.
Gross national product -is the money value of all the goods
and services produced by the RESIDENTS of a country.
-Residents refer to the people and corporations that normally
reside in a country for more than 1 year, and work there.
The real indicator of economic growth
1.Strong employment numbers
To see economic growth there needs to be an increase in
Gross Domestic Product (GDP).
2.Stable Inflation
When inflation is at the desired level of 2-3 per cent
consistently then it can indicate that the economy is on
track for good economic growth.
3.Interest rates are rising
When interest rates are raised, it is a sign that the economy is
recovering. Interest rates are lowered to stimulate the economy
by making consumer borrowing easier so people have more
money to spend. Low interest rates also encourage businesses
to borrow money and invest in their business. When interest
rates are increased instead of lowered, it indicates the
economy is heating up, in some instances too quickly as the
rising interest rates are intended to slow things back down.
4.Wage Growth
Wage growth is necessary to reach the inflation target in
Australia. Economic growth can be attributed to consumer
demand.
5.High Retail Sales
Household spending contributes to the largest part of
the Australian economy. Increased spending means
more production, which strengthens the GDP.
reduction or elimination of poverty
-Poverty reduction occurs largely as a result of overall
economic growth
-Poverty alleviation also involves improving the living conditions
of people who are already poor.

Iradication of inequality
-increase economic inclusion and create decent work and higher
incomes. enhance social services and ensure access to social
protection.
-Reforms in workers' laws can reduce inequalities.
Minimizing unemployment
- the problems of unemployment and underemployment ar
critical in less developed countries
- employment as a main source of income for the poor without
it, it creates many serious implications
Economic freedom
The key ingredients of economic freedom are personal choice,
voluntary exchange, freedom to compete in markets, and
protection of person and property.
Freedom from poverty
It is true that the poor may have economic freedoms,but they do
not have such opportunities to use that freedom.
Existence of human dignity
its most basic, the concept of human dignity is the
belief that all people hold a special value that's tied
solely to their humanity. It has nothing to do with their
class, race, gender, religion, abilities, or any other
factor other than them being human.
The philippines ecobomic report: what are economic problems
in the philippines.
The economy of the philippines is tge word's 34th largest economy by
nominal GFP and the 3rd largest economy in the ASEAN after
indonesia and thailand.
Frequent political upheaval- resulting of degredation of the economy
-many Filipinos seeking a job overseas which contributes 8.6 percents
of the economy.
Goldman Sachs- listed Philippines as the next big eleven countries
- philippines was the wealthiest country of asia after japan in 1960's
- 60 families in the philippines are controlling most of the economy.
The atlantis Report
Philippines is primarily considered a newly industrialized
country which has an economy transitioning from one based on
agriculture to one based more on services and manufacturing.
-as of 2018 GDP by purchasing power parity was estimated to
be at $990 billion.
-primary exports include semi conductors and electronic
productsproducts,transport equipment, Garments,copper
products, coconut oil and etc.
The philippines has been name as one of the tiger cub Economies
together with Indonesia and thailand.
-It is currently one of Asia's fastest-growing economies. However, major
problems remain; mainly having to do with alleviating the wide income
and growth disparities between the country's different regions and
socioeconomic classes; reducing corruption; and investing in the
infrastructure necessary to ensure future growth.
-The Philippine economy is projected to be the 5th largest in Asia and
16th most prominent in the world by 2050.
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