REFLECTION

BUILDING BRIDGES
Growing economies are like ships
sailing toward better times ahead. It's about
improving our lives and our communities.
TO PROSPERITY:
When we invest in education, construct better
roads, and provide opportunities for
everyone, economies expand in the same way
that a seed grows into a powerful tree with
care and sustenance. As our economy
expands, everyone gains. Better schools, more
jobs, and nicer communities are all common.
It's like adding more color and vibrancy to our
lives with every brushstroke, creating a
beautiful picture of growth. But just as we
must tend to a fragile flower, so too must we
tend to our economy. We must preserve the
environment, guarantee equity for all, and
never lose sight of those who are most in
need of our assistance. In the end, creating a
world where everyone can prosper is what
economic growth is all about, not simply
numbers and figures. We need to protect our
environment, ensure fairness for all, and never
Sustainable Development Goal 8:

ECONOMIC
forget those who need our help the most.

Fostering Sustainable
Economic Growth GROWTH
In Partial Fulfillment of the Subject
Group 6- NBA
Contemporary World 1 (CWORLD1) Diego, Arvin Noel B.
Santos, John Gabriel D.
References: Carbonell, Ghinley Mae A.
Cariño, Shannille P.
Canto, J., Renz, F., & Villanueva, V. (2024, March 7). The Philippines economy in Eisma, Kimberly Ann
2024: Stronger for longer? McKinsey & Company. Lucena, Maven Gayle C.
https://www.mckinsey.com/ph/our-insights/the-philippines-economy-in-2024-
stronger-for-longer Membrado, Eranie Flor B.
Seth, S. (2023, December 16). GDP vs. GNP: What's the Difference? Tabios, Samantha Bianca Marie V.
Investopedia. https://www.investopedia.com/ask/answers/030415/what-
functional-difference-between-gdp-and-gnp.asp
HTWORG CIMONOCE
“Economic growth is the process
KEY POINTS AND FEATURES
Prosperity Indicator:
Economic growth serves as a Social Welfare
barometer of a nation's Enhancement: Economic
by which a nation’s wealth prosperity and overall growth often correlates with
increases over time. It is the economic health. improved social welfare
programs, healthcare, and
Employment Opportunities:
increase in the production of goods It creates jobs across education opportunities,
and services within an economy. It various sectors, reducing
unemployment rates and
contributing to
societal well-being.
overall

signifies the expansion of an providing livelihoods for Global Competitiveness:

Nations experiencing
economy’s capacity to produce citizens.
Increased Productivity: economic growth enhance
more output. Economic growth is Through technological their competitiveness on the
advancements and efficient global stage, attracting
commonly measured in terms of the resource allocation, trade partners and The growth in the Philippine economy in 2023 was
increase in aggregated market economic growth boosts investment opportunities. driven by a resumption in commercial activities, public
productivity, leading to Technological Innovation:
value of additional goods and higher output levels. Growth stimulates research
infrastructure spending, and growth in digital financial
services. Most sectors grew, with transportation and
services produced, using estimates Standard of Living and development, leading to
technological advancements
storage (13 percent), construction (9 percent), and
Improvement: As economies
such as GDP.” expand, individuals typically that drive further economic
financial services (9 percent)performing the best
(Exhibit 2). While the country's trade deficit narrowed
experience an improvement progress and
competitiveness. in 2023, it remained elevated at $52 billion due to
in their standard of living,
Environmental slowing global demand and geopolitical uncertainties.
with access to better goods,
GROSS DOMESTIC PRODUCT services, and infrastructure. Sustainability: Sustainable Looking ahead to 2024, the current economic forecast
Investment Incentives: economic growth prioritizes for the Philippines projects a GDP growth of between 5
Gross domestic product (GDP) is the Growing economies attract environmental conservation and 6 percent.
value of the finished domestic goods and investment, both domestic and green technologies to
and foreign, fostering mitigate negative ecological
services produced within a nation's innovation, entrepreneurship, impacts.
borders. and business expansion. “THE ULTIMATE RESOURCE IN
ECONOMIC DEVELOPMENT IS
GROSS NATIONAL PRODUCT ADVANTAGES PEOPLE. IT IS PEOPLE, NOT
Gross national product (GNP) is the
value of all finished goods and services
CAPITAL, OR RAW MATERIALS
produced by a country's citizens, both THAT DEVELOP AN ECONOMY.”
domestically and abroad.
Economic growth
creates employment
It leads to higher wages
and better living
Helps in reducing
poverty by providing
-Peter Drucker
opportunities for standards for individuals opportunities for
people. and families. income generation.

Strong economies are more Economic growth drives

competitive globally, attracting innovation and technological
investment and trade. progress, improving efficiency.