Question: What affects the Philippine economy development?

What is economic development in the Philippines?

Overview. The Philippines is one of the most dynamic economies in the East Asia Pacific region. With increasing urbanization, a growing middle class, and a large and young population, the Philippines’ economic dynamism is rooted in strong consumer demand supported by a vibrant labor market and robust remittances.

What are the causes of economic problems in the Philippines?

The main causes of poverty in the country include the following:

  • low to moderate economic growth for the past 40 years;
  • low growth elasticity of poverty reduction;
  • weakness in employment generation and the quality of jobs generated;
  • failure to fully develop the agriculture sector;
  • high inflation during crisis periods;

How did the pandemic affect the economy of the Philippines?

The Philippines economy suffered a deep recession in 2020 due to the impact of the COVID-19 pandemic, with GDP contracting by 9.6% year-on-year. … The Philippines export sector has also remained weak, with exports of goods down 5.2% y/y in January 2021.

What are the effects of economic development?

While improvements in income per capita through economic growth may increase environmental degradation through greater resource use, at the same time higher levels of development may also reduce environmental damage. This counteracting effect on environmental outcomes takes place through different channels.

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What are the economic goals of the Philippines?

Goals included alleviation of poverty, generation of more productive employment, promotion of equity and social justice, and attainment of sustainable economic growth.

What are the 5 causes of poverty?

What are the causes of poverty? Explain in at least 5 points

  1. Increase rate of rising population: …
  2. Less productivity in agriculture: …
  3. Less utilization of resources: …
  4. A short rate of economic development: …
  5. Increasing price rise: …
  6. Unemployment: …
  7. Shortage of capital and able entrepreneurship: …
  8. Social factors:

What are the major problems of the Philippines?

The Philippines also suffers major human-caused environmental degradation aggravated by a high annual population growth rate, including loss of agricultural lands, deforestation, soil erosion, air and water pollution, improper disposal of solid and toxic wastes, loss of coral reefs, mismanagement and abuse of coastal …

What are the 3 basic economic problems?

– The three basic economic problems are regarding the allocation of the resources. These are what to produce, how to produce, and for whom to produce.

Is the Philippines a third world country?

The “Second World” countries were the Communist Bloc countries, including the Soviet Union, China, and their allies.

Third World Countries 2021.

Country Human Development Index 2021 Population
Indonesia 0.694 276,361,783
Egypt 0.696 104,258,327
South Africa 0.699 60,041,994
Philippines 0.699 111,046,913

What are your suggestions to improve the economic conditions in the Philippines?

Reduce restrictions on foreign investors (e.g., allow foreign competition in sectors and reduce equity limits) Minimize the use of controlled prices to reduce market distortions. Reduce trade costs by improving port and logistics infrastructure. Lower non-tariff barriers and procedural obstacles.

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