To familiarize everyone with key socioeconomic terms and concepts, we are launching this new social media series.
For this week, our buzzword is "structural transformation".
It means the reallocation of economic activity across the major economic sectors, namely, agriculture, manufacturing, and services. It also refers to the shift of production factors (labor, capital, and land) from sectors with low productivity to those with high productivity.
Source: UNCTAD SDG Pulse
A PIDS study found that technology and innovation have significant roles in driving structural transformation, thus, the need to intensify public and private investments in research and development. Knowledge that may be helpful in agricultural development is concentrated in select areas in the Philippines. Research and extension must be conducted broadly to modernize agriculture and fishing industries across all regions in the country.
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Know more about structural transformation by reading “Philippine Structural Transformation in the Context of Technological Change” available at https://pids.gov.ph/publication/discussion-papers/philippine-structural-transformation-in-the-context-of-technological-change.
