Legatum Institute’s Prosperity Index stated that the Philippines is on the 60th rank as most prosperous country.
A think tank based in London, England ranked the Philippines as 60th most prosperous country amoung 149 countries in the world.
According to the group’s website, Legatum Institute is a think tank of private investment firm Legatum which has interests in businesses and programs that promote sustainable human development.
The index’s rankings are not based solely on wealth, but also on interpersonal relations, environmental preservation, and governance.
The think tank ranked the 149 countries based on nine indices:
- Economic Quality – the openness of an economy, macroeconomic indicators, foundations for growth, economic opportunity, and financial sector efficiency
- Business Environment – a country’s entrepreneurial environment, its business infrastructure, barriers to innovation, and labour market flexibility
- Governance – effective governance, democracy and political participation, and rule of law;
- Education – access to education, quality of education, and human capital;
- Health – basic physical and mental health, health infrastructure, and preventative care;
- Safety and Security – national security and personal safety;
- Personal Freedom – national progress towards basic legal rights, individual freedoms, and social tolerance;
- Social Capital – the strength of personal relationships, social network support, social norms, and civic participation; and
- Natural Environment – the quality of the natural environment, environmental pressures, and preservation efforts.
The Philippines’ top three categories were in Social Capital (21st), Natural Environment (44th), and Governance (62nd), while the country’s lowest indices were in Economic Quality (69th), Health (98th), and Safety and Security (141st).
“Prosperity is as much about well-being as it is about wealth. There are numerous factors that together determine the life chances and opportunities made available to a nation’s citizens,” Legatum Institute’s Prosperity Index said.
The think tank says four countries it called VIPPs (Vietnam, Indonesia, the Philippines, and Poland) “show the most promise,” as these performed “solidly” in education, governance, and social capital.
New Zealand, Norway, Finland, Switzerland, and Canada were the top 5 most prosperous countries. Legatum said New Zealand has “a combination of strong society, free and open markets, and high levels of personal freedom.”
At the bottom list were Yemen (149th), Afghanistan, the Central African Republic, Sudan, and the Democratic Republic of Congo (145th).