GDP vs. economic development


Brilliant analysis Mr. Mike, economic growth is not the same as economic development.These two characters may tend to be synonymous if there will have social transformation that while there are continuing high rise building being built, there must also have that gradual elimination of marginal communities. But how many years of 7.8% GDP will these economic gains trickle down to the poor? And how can a poor family have at least one graduate to be part of the economic labor force so that, this family will at least up-lift their well-being? I know for a fact that an 8%GNP of a small economy like the Philippines is still behind with the 2%GNP of a bigger economy. Inclusive growth therefore must focus more for the direct provision of educational subsidy of the poorest of the poor.


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