2. Evaluate the benefits and costs of growth.

According to Statistics on the Growth of the Global Gross Domestic Product, economic growth is
the sustained increase in real GDP or GNP per capita over time. Economic growth is desirable for an
economy as it increases its real national income and standards of living for its people in general. Although
it is desirable, economic growth does have its benefits and costs.
One benefit would be increased levels of consumption. Provided economic growth outstrips
population growth, it will lead to higher real income per head. This can lead to higher levels of consumption
of goods and services. With economic growth there will be improvement in business expectations, leading
to increase in investment. Firms replace worn-out or obsolete capital or invest in new capital. There will
also be expansion of demand leading to increase output. Existing idle capacity and unemployed labour are
utilized. This result in more people being employed, thus increasing the level of consumption within the
country. If human welfare is related to the level of consumption, then growth provides an obvious gain to
society.
Next, it can help to avoid other macroeconomics problem. People aspire to higher living standards.
Without a growth in productive potential, people’s demand for rising income are likely to lead to higher
inflation and balanced of payments crises such more imports are purchased. Growth in productive potential
helps to meet these aspirations and avoid macroeconomic crises. Moreover, economic growth makes it
easier to redistribute incomes to the poor. If income rise, the government can redistribute income from the
rich to the poor without the rich loosing. For example, as people’s income rise, they automatically pay more
taxes.
These extra revenues for the government can be spent on programs to alleviate poverty. Without
continuing rise in national income, the scope for helping the poor is much more limited. Society may also
feel that it can afford to care more for the environment. As people grow richer, they may become less
preoccupied with their own private consumption and more concern to live in a clean environment.
Economic growth, though resulting in many economic and social benefits to the people, is not
without its costs. Firstly, it could result in reduced current consumption. To achieve faster growth, firms
will probably need to invest more. This will require financing. The finance can more from higher saving,
higher retained profits or higher taxes. Either way, there must be a cut on consumption. In the short run,
therefore, higher growth leads to less consumption, not more.
Next, growth involves changes in production, both in terms of goods produced and in terms of the
techniques used and the skills required, the more rapid the rate of growth, the more rapid the rate of change.
People may find that their skills are no longer relevant. Their jobs may be replaced by machines. People
may thus find themselves unemployed, or forced to take low-paid, unskilled work. A richer society may be
more concerned for the environment, but is more likely to do more damage to it. The higher the level of
consumption, the higher is likely to be the level of pollution and waste. Environmental costs are likely to
be underestimated like acid rain and depletion of ozone layer.
Lastly, it could deplete our non-renewable resources. If growth involves using a great amount of
resources, certainly non-renewable resources will run out more rapidly. Unless viable alternatives can be
found for various minerals and fossil fuels, present growth may lead to shortages for future generations.
To conclude, economic growth can have both benefits and costs depending on certain factors.
Moreover, it is desirable as long as the benefits outweigh the costs.
 By definition, can the Philippines achieve both growth and development simultaneously?
Explain.
Yes.
To achieve both growth and development simultaneously, first the Philippines need to create fiscal
space like raising more revenues so that it can spend more on infrastructure and public. Second, to remain
competitive in a more difficult global environment, and to allow more businesses to grow and create jobs,
improved investment climate so that firms of all sizes can thrive and produce the jobs needed. In short,
Filipino labor needs more capital. Only then will growth become more inclusive, and development more
feasible to happen. That capital needs to come from government investing more in infrastructure and
education, and it needs to come from businesses investing more.
As per observation, the current administration is clearly committed in getting the job done, and not
afraid to tackle corruption and vested interests at the highest levels in its quest to achieve inclusive growth
and development. When commitment, opportunity and necessity align, the chances for success in reaching
growth and development is positive.

3. How important is the role of women in delivering sustainable growth and development to the
developing nations of Africa, Asia, and Latin America?
The central role of women in society has ensured the stability, progress and long-term development
of nations. Globally, women comprise 43 percent of the world’s agricultural labor force – rising to 70
percent in some countries. For instance, across Africa, 80 percent of the agricultural production comes from
small farmers, most of whom are rural women. It’s widely accepted that agriculture can be the engine of
growth and poverty reduction in developing nations. Women, notably mothers, play the largest role in
decision-making about family meal planning and diet. And, women self-report more often their initiative
in preserving child health and nutrition.
According to UN Womenwatch Organization, rural women play a key role in supporting their
households and communities in achieving food and nutrition security, generating income, and improving
rural livelihoods and overall well-being. Women are the primary caretakers of children and elders in every
country of the world. International studies demonstrate that when the economy and political organization
of a society change, women take the lead in helping the family adjust to new realities and challenges. They
are likely to be the prime initiator of outside assistance, and play an important role in facilitating changes
in family life.
Moreover, the contribution of women to a society’s transition from pre-literate to literate likewise
is undeniable. Basic education is key to a nation’s ability to develop and achieve sustainability targets.
Research has shown that education can improve agricultural productivity, enhance the status of girls and
women, reduce population growth rates, enhance environmental protection, and widely raise the standard
of living. It is the mother in the family who most often urges children of both genders to attend – and stay
– in school. The role of women is at the front end of the chain of improvements leading to the family’s the
community’s long-term capacity.
Today, the median female share of the global workforce is 45.4 percent. Women’s formal and
informal labor can transform a community from a relatively autonomous society to a participant in the
national economy. Despite significant obstacles, women’s small businesses in rural developing
communities not only can be an extended family’s lifeline, but can form a networked economic foundation
for future generations. The role of women in the urban and rural workforce has expanded exponentially in
recent decades.
When women are empowered and can claim their rights and access to land, leadership,
opportunities and choices, economies grow, food security is enhanced and prospects are improved for
current and future generations.

References:
Statistics on the Growth of the Global Gross Domestic Product (GDP) from 2003 to 2013, IMF, October
2012.
The Global Role of Women, Global Volunteer, September 2017