DECENT WORK

AND ECONOMIC
GROWTH

Bendoy, Ralph Karl J.

BSME 2D
HOW EMPLOYMENT
AND ECONOMIC
GROWTH WORKS
The relation between economic growth, social progress
and environmental protection represents a key to
development. Growth is not a means to an end: it is
designed to serve people, promote development and
reduce poverty. Thus KfW supports qualitative growth that
targets the promotion of economic, social and
environmental aspects.

Innovations and technologies contribute to economic

growth and employment, but also to overcoming other key
problems of development. This also includes technologies
for improving environmental protection. This is how KfW
promotes environmental protection and contributes to
sustainable development.
 IMPACT OF UNEMPLOYMENT ON

PROBLEMS
ECONOMIC GROWTH
Unemployment occurs when certain factories or
companies close down, and this is especially serious when
there is a financial crisis where recession and
unemployment is rampant. When a company closes down,
many jobs are lost. Since what one spends is what another
earns and one is unemployed, he has lower purchasing
power and would also prefer to save more as one is likely to
be uncertain of the future.

Unemployment can result in debt and poverty, and the

government has to take care of these people, hence
welfare spending would also increase at the same time. In
cases where unemployment is very high, there would be a
budget deficit, due to a combination of the two, loss of tax
revenue and increased welfare spending.
UNEMPLOYMENT
RATE CHART
PHILIPPINES
ECONOMIC
GROWTH
CHART
Top 5 Majors Industries with
Largest Drop in Employment
 SOLUTION

Because of pandemic the most affected in unemployment is the transportation and storage industry, we all
know that we avoiding the increasing COVID-19 virus because of physical distancing and health protocol.
Workers in the provinces also faced difficulty in returning to work given inter-province transport
restrictions, and contributed to the huge loss in the industry sector.
The use of transportation is lessen because other people are more likely to stay at home rather than going
outside like shopping and going out in vacation.
But filipino's are so determined in finding jobs or money that they can earn like “Play-to-earn: NFT
Gaming’’ showed how an NFT game called Axie Infinity has helped residents from Cabanatuan City, Nueva
Ecija recover from challenges brought about by the Covid-19 pandemic and despite the paying-to-earn
concept, this game enables investors or managers to allow someone else to play for them through a
scholarship program, making scholars play while halving the earnings with their manager.
Axie Infinity has also breached $1 billion in all-time sales, having more than a million daily active users
today, according to DappRadar. With all these successes, one of its co-founder, Aleksander Leonard Larsen
said they are only “15-20% finished” developing the game. Like this NFT games helped so much people here
in the Philippines and slowly recovering bought by this COVID-19 pandemic.
SOLUTION

Labour resources are usually occupationally immobile because it takes time for people to gain the
sufficient skills that are necessary for working in a certain industry. Hence, when there is oversupply of
labour in a certain industry or when there is a recession, people who become unemployed cannot find
work immediately or easily since they cannot be employed in the industry that requires their skills and
also cannot work in other industries since they may not have sufficient skills. Hence, the government can
provide retraining programmes for the unemployed, so that they can improve their skills or gain new
skills necessary to ensure their employment.
Encourage entrepreneurship. People can start their own businesses and eventually employ other people.
The government should invest in developing industries. This would create more jobs.
Education should be made cheaper. The quality of education should also be increased, so that once young
people graduate, they have higher chances of getting employed.
The government should partner with private companies to create more job opportunities for people.
REFERENCES

https://tradingeconomics.com/philippines/unemployment-rate
https://psa.gov.ph/content/employment-situation-january-2021
https://psa.gov.ph/statistics/survey/labor-and-
employment/labor-force-survey
http://econsilp2014.weebly.com/solutions.html
https://www.rappler.com/business/unemployment-rate-
philippines-june-2021
https://manilastandard.net/mobile/article/362374
"THANK YOU"