Firstly, those working would have to pay higher taxes as there are less people within the workforce. This would also increase the pressure of the working class who already has to support their elderlies. Secondly, there will be a shortage of workers. Companies who need people desperately looks for alternatives like foreign works. There are currently 63,900 vacancies within Singapore that needs to be filled but the current locals aren’t able to reach this demand.
2.1.2 CONCEPT OF ECONOMIC GROWTH There are different meanings among scholars, about the concept of economic growth. For example, while Herrick and Kindleberger (1983) put it that economic growth involves employment of factors of production in order to produce a higher level of outputs that can improve the quality and standard of living of the people. Economic growth does not only come from expansion or physical factors but due to improvement in both human and physical as well as volume trade (Ranis et al (2000) and Jhingan (1985) cited in Gafar et al (2011)). Ranis et al (2000) in particular, posits that economic growth is a two way relationship. First economic growth induces development of human resources where with increased economic activities families and individuals will likely increase their expenditure and this in turn leads to growth in human development.
Development described as a social condition within a nation in which the reliable needs of its population are satisfied by the rational and sustainable use of natural resources and systems. Meanwhile, Human development defined “as the process of enlarging people’s freedoms and opportunities and improving their well-being. Human development is about the real freedom ordinary people have to decide who to be, what to do, and how to live” . Economic growth is basically defined as an increase of wealth of a nation over time. Although, economic growth and development are closely intertwined, the economic growth is but a step in the direction towards development – one of prime significance, indeed a precondition to it, but by no means can it be conceptualized as development itself.
One of the major stepstowards development that India has taken recently is inclusive growth. Inclusive growth refers to equal economic growth of all the sections of society. It aims in providing even-handedopportunities at a reasonable pace to both urban and rural divisions of the nation. Inclusive growth intends to effectively reduce poverty and encourage sustainability. The two key aspects which inclusive growth covers are income growth and income distribution.
Economic growth and economic development are two terms that are not foreign in economics. Economic growth is a condition in which the gross domestic product (GDP) of a country or region is seen as increasing, whether this increase is higher or lower than the country 's population growth. Whereas economic development is a process whose primary objective is to raise the GDP of a country or region more than its population growth. Many different countries face different economic problems and they also have different solutions and different ways of fixing it. Singapore is a country located in the southeast of Asia.
According to Bishop Gilbert Garcera of the Diocese of Daet, "The huge Philippine population could be part of “God’s plan for Filipinos to be caregivers to ageing nations whose populations had become stagnant.”. He also said that "Filipinos have a big mission to the world. Every Filipino child born is a blessing to the world. Let’s look at the increase in our population in a more comprehensive sense." Being overpopulation is not a problem, it 's a potential for our economy.
Growth is considered inclusive, according to authors, if it increases the social opportunity function, which in turn, depends on two factors namely average opportunities available to the population, and how opportunities are shared among the population. This paper also provides empirical application of the proposed approach to Philippines to analyze the access to and equity of opportunities in education and health facilities. The authors conclude that government health facilities are more utilized by the people at the lower income distribution, whereas private health facilities which are superior in quality tend to be highly inequitable in favor of rich. Further primary and secondary level education opportunities are more inequitable over the time period 1998 to 2004. The authors believe that elasticity of employment with respect to growth is useful in analyzing structural changes in employment over time, where they calculate the ratio of the growth in agriculture (against other sectors) with GDP growth for Philippines and notice a falling rate, thereby implying that Philippines is in the process of industrialization and labour is being diverted from agriculture to other
First, the author identified the various types and forms of foreign aid in the Philippines. Second, the costs and benefits of foreign aid have been examined along with establishing the factors affecting the effectiveness of foreign aid. The results of econometrical model show that the coefficients of all the explanatory variables except social aid have expected signs and statistically significant. The coefficients of foreign direct investment and Official Development Assistance measured as foreign aid per capita have a positive impact on Gross Domestic Product (GDP) growth as it was expected. Another contribution to this issue is the analysis by Feeny (2005) investigating the impact of foreign aid on economic growth of Papua New Guinea (PNG) and used the time series data from 1965 to 1999.
On the other hand, some Filipinos prefer to work abroad than serve their own country, and their usual reason is because of better opportunities and higher salaries. Last 2014, the Philippine Statistics Authority revealed that the number of Overseas Filipino Workers (OFWs) was estimated at 2.3 million. Evidently, with such actions, Filipinos contribute to the economy of the other nations more than our own which is what makes colonial mentality a strain to the Philippine
In the Philippines, most people want to work or want to have stable jobs. However job openings is not in abundant the country's industry and it does not have enough jobs to offer thus creating an excess in manpower in effect pushes the labourers to go and seek work abroad. The other unemployment that is present in the Philippines is the Technological Unemployment. This occurs when there is automation or displacement of old technology by a new one requiring less workers than before that's why one of the causes of structural unemployment is technological change (Chand n.d.). Government measures adopted to achieve full employment To address the following unemployment problems and issues in the Philippines, the government has planned an overhaul in its labour sector.