Contemporary World: Assignment
(1) define the following term:
(a) contemporary
Definition: "Contemporary" refers to things that exist or happen at the same time,
especially in the present. It is often used to describe the current or modern period.
Elaboration: In art, literature, or culture, "contemporary" works are those created in the
same time period as the one we are currently in. For example, if you're talking about
contemporary music, it means music that is being produced and enjoyed today.
(b) World
Definition: "World" generally refers to the whole of human existence, including the planet
Earth and everything on it. It can also mean a particular sphere of human activity or
experience.
Elaboration: In a broader sense, the term "world" encompasses all countries, people,
cultures, and natural elements on Earth. It can also be used in a more specific context,
such as the "world of technology" or the "world of sports," to refer to specific domains or
areas of human interest and engagement.
(c) contemporary world
Definition: The "contemporary world" refers to the present period or the current era in
human history. It encompasses the social, political, economic, cultural, and technological
aspects of the world as it exists today.
Elaboration: The contemporary world is marked by the conditions, trends, and events that
are shaping our lives in the here and now. It includes ongoing developments in science,
technology, global politics, cultural expressions, and societal norms. The term is often
used to distinguish the current time frame from historical periods or future possibilities.
Living in the contemporary world means navigating through the challenges and
opportunities presented by today's interconnected and rapidly changing global landscape.
It involves understanding and engaging with the diverse perspectives, issues, and
advancements that characterize the present moment.
(2) discuss the importance of studying contemporary world
Studying the contemporary world is like having a guidebook to understand what's
happening right now. It helps you make sense of the world around you, from the latest
news to the way people interact. It's like having a pair of glasses that bring the present
into focus.
Further Elaboration:
1. Relevance to Your Life:The contemporary world is where you live, and studying it
helps you connect the dots between what's in the news and how it affects you. Whether
it's politics, technology, or cultural trends, understanding the present helps you navigate
your own life.
2. Informed Decision-Making: Knowledge of current events and global trends empowers
you to make informed decisions. Whether it's voting, choosing a career, or understanding
social issues, studying the contemporary world equips you with the tools to critically
assess situations and make choices that align with your values.
3. Global Awareness: In today's interconnected world, events in one part of the globe can
impact people everywhere. Studying the contemporary world broadens your perspective,
fostering global awareness. It helps you appreciate the diversity of cultures, understand
international relations, and recognize the shared challenges humanity faces.
4. Preparation for the Future: The present is the foundation for the future. By studying
contemporary issues, you gain insights into potential future developments. This foresight
is invaluable in preparing for challenges and opportunities that may arise, both personally
and globally.
5. Critical Thinking Skills: Analyzing current events requires critical thinking. Studying
the contemporary world hones your ability to question information, consider multiple
viewpoints, and separate fact from opinion. These critical thinking skills are transferable
to many aspects of your academic and personal life.
6. Cultural Fluency: The contemporary world is a tapestry of diverse cultures. Studying it
enhances your cultural fluency, allowing you to appreciate and understand different ways
of life. This cultural awareness is crucial in today's globalized society.
7. Adaptability: The world is constantly changing, and studying the contemporary world
helps you develop adaptability. This skill is essential in a fast-paced, evolving global
landscape, whether it's in the workplace, relationships, or societal dynamics.
In summary, studying the contemporary world is not just about knowing facts; it's about
gaining the tools to navigate and contribute meaningfully to the world you live in. It's a
dynamic journey that equips you to be an informed, thoughtful, and engaged participant
in the present and future.
(3) describe the economic stability of the Philippines
Philippine Statistics Authority
The Philippine Gross Domestic Product (GDP) demonstrated a growth of 5.9 percent
in the third quarter of 2023. This expansion was driven by significant contributions
from key sectors such as Wholesale and Retail Trade, Financial and Insurance
Activities, and Construction.
All major economic sectors, including Agriculture, Industry, and Services, exhibited
positive growth during this period, with respective percentages of 0.9 percent, 5.5
percent, and 6.8 percent.
On the demand side, Household Final Consumption Expenditure (HFCE) increased
by 5.0 percent, while Government Final Consumption Expenditure (GFCE) and
Exports of Goods and Services grew by 6.7 percent and 2.6 percent, respectively.
However, Gross Capital Formation and Imports of Goods and Services experienced
contractions of 1.6 percent and 1.3 percent.
Furthermore, the Gross National Income (GNI) expanded by 12.1 percent in the third
quarter of 2023. Additionally, Net Primary Income (NPI) from the Rest of the World
exhibited substantial growth, reaching 112.5 percent during this period.
Interpretation:
The positive growth across various sectors and economic indicators, including GDP,
GNI, and net income from the rest of the world, suggests a robust economic
performance for the Philippines in the third quarter of 2023. Key contributors include
wholesale and retail trade, financial and insurance activities, and construction.
Household consumption, government spending, and exports also played significant
roles in driving economic growth. However, the contractions in gross capital
formation and imports may warrant further analysis to understand potential
challenges or areas for improvement. Overall, the data indicates a generally healthy
and expanding economic environment for the Philippines during the specified
period.
The World Bank
Robust Economic Performance: The Philippines is described as one of the most
dynamic economies in the East Asia and Pacific region. This suggests a strong and
resilient economic foundation.
Consumer Demand and Vibrant Labor Market: Strong consumer demand, supported
by a vibrant labor market, is a positive indicator of economic stability. This implies
that people have purchasing power and businesses have the capacity to employ
workers.
Private Sector Resilience: The buoyancy of the private sector, particularly in services
like business process outsourcing, retail, real estate, and tourism, signals a diversified
and resilient economy.
Poverty Reduction: Despite global challenges, the text highlights a decline in the
poverty rate from 23.3 percent in 2015 to 18.1 percent in 2021. This suggests that
economic growth is translating into improved living standards for a significant
portion of the population.
Government Investments: The government's pursuit of larger investments in human
and physical capital indicates a commitment to long-term economic development.
Such investments can contribute to sustained growth and stability.
Economic Recovery: The economic recovery is emphasized, with growth increasing
from 5.7 percent in 2021 to 7.6 percent in 2022. A recovering economy is often an
indication of stability and resilience in the face of challenges.
Positive Growth Outlook: The medium-term growth outlook is positive, driven by
factors such as robust domestic demand, public investments, and recent investment
policy reforms. A positive growth outlook is a key component of economic stability.
Income Transition: The ambition to transition from a lower middle-income country to
an upper middle-income country implies a focus on economic advancement and an
expectation of sustained growth.
While the text generally paints a positive picture of the Philippines' economic
stability, it's essential to note that economic stability is a multifaceted concept.
Factors like inflation rates, employment stability, external balances, and political
factors also play roles in determining overall economic stability. The information
provided, however, suggests a favorable trajectory for the Philippines in terms of
economic development and resilience.
Summary
The information and data provided by the Philippine Statistics Authority (PSA) and
The World Bank Organization strongly suggests that the Philippines is currently
experiencing economic stability and growth. The nation's diverse economic factors,
resilience in the face of global challenges, and government initiatives to drive
investments and reduce poverty collectively contribute to a positive economic
outlook. While challenges may persist, the overall trajectory indicates a nation on the
path to sustained economic development and progress.
