What is socio-economic development

Socio-economic development is the process of social and economic development in a society.

Socio-economic development is measured with indicators, such as GDP, life expectancy,
literacy and levels of employment.

example of socio economic development

Unemployment and low income are one of the best examples to understand socio-economic
development.
If the unemployment rate is high, people have to work for industries that are lower than their
ability on a way lesser pay scale.

economic development in the Philippines

Average annual growth increased to 6.4% between 2010-2019 from an average of 4.5% between 2000-
2009.

With increasing urbanization, a growing middle class, and a large and young population, the Philippines'
economic dynamism is rooted in strong consumer demand supported by a vibrant labor market

How is the economy of the Philippines today 2022

Due to rising domestic investment and consumption as pandemic restrictions eased, the Philippine
economy is poised to grow by 6.5% - 7.5% in 2022.

How can we help the socio-economic development of our community?

 Support locally owned businesses – Buy local!

Locally owned businesses often make more local purchases for their products, requiring less
transportation and outsourcing. They typically consume less land, locate closer to residents and
create less traffic and air pollution.

 Bank locally

When you support your local bank, you support your community. Your money stays close to
home and is rooted in the local economy. Your local bank account or loan helps fund small
business loans, pay your neighbor's salary, and support local charities.
  Hire local people directly

This helps keep money in your community and strengthens the local economy. Hiring locally
ensures your staff has a deep understanding of the local market, making it easier to bring in new
business. In addition, a local hire will likely be more invested in helping your company succeed
since it benefits their community.

 Invest in small businesses and entrepreneurs

Investing in a small business is a way investor can not only grow their portfolio but help local
business owners on their journey to financial independence. It's a way to create, nurture, and
grow an asset that can generate more than capital for an investor.

There are three primary social classes exist in the Philippines:

the low-income class, the middle-income class, and the high-income class.

Low-income class
Between the poverty line and twice the poverty line. Between ₱12,082 and ₱24,164

Middle-income class
those earning incomes between two to 12 times the poverty line. This means if your family income is
between around ₱24,000 and ₱145,000, you fall in the middle-income class.

High-income class
Your family income is between around Between ₱131,484 to ₱219,140

purpose of socio-economic development

Its purpose is to maintain the social and material well-being of the nation and its people with the aim of
achieving the highest possible level of human development.