Why is agriculture the backbone of Philippine economy?
Agriculture has been the traditional backbone of the Philippine economy. It is a principal source of income and employment, employing almost half of the total labor force. In order for the Philippines to become a progressive industrialized nation, it should have a strong and highly productive agricultural sector.
Why agriculture is the backbone of our economy?
“It is, after all, considered as the backbone of the economy. It forms the basis for food and nutrition security and provide raw materials for industrialization.
Is agriculture important to the Philippine economy?
Agriculture plays a significant role in the Philippine economy. Involving about 40 percent of Filipino workers, it contributes an average of 20 percent to the Gross Domestic Product. … The neglect of the agriculture sector and the uneven distribution of resources worsened the poverty situation in rural areas.
Why is agriculture important in the economy of the Philippines?
Agriculture dominates Philippine economy. It furnishes employment to about 3 million persons or about 60 per cent of the gainfully employed workers. Agricultural operations provide 40 to 45 per cent of the total national income and about 75 to 80 per cent of the country’s exports.
What is the backbone of the economy?
Nationally, small businesses account for 48 percent of all American jobs and contribute 43.5 percent of U.S. Gross Domestic Product (GDP). Even though these businesses are considered the “backbone of the economy,” small businesses have faced an economic and existential crisis during the COVID-19 pandemic.
Why is agriculture called the backbone of our country?
Agriculture can be called the backbone of India’s economic system because two-thirds of the Indian population is engaged in the cultivation of land. Agriculture not only helps to feed the large population, but it also supports the principal manufacturing industries with raw materials.
Why agriculture is important to the economy?
Agriculture is key for economic transformation, food security, and nutrition. … Agriculture plays a critical role in transforming economies to reach the goal, along with achieving other essential development goals like ensuring food security and improving nutrition.
Why is agriculture called the backbone of Indian economy?
Agriculture as the backbone of Indian economy:
It provides employment opportunities. Population dependent on agriculture for sustenance. It provides raw material to Secondary sector. It helps in improving trade.
How does agriculture help in economic development?
According to Muir, “Agricultural progress is essential to provide food for growing non-agricultural labour force, raw materials for industrial production and saving and tax revenue to support development of the rest of the economy, to earn foreign exchange and to provide a growing market for domestic manufactures.”