PH slips a notch to 67 on global prosperity index

MANILA, Philippines–The Philippines was ranked number 67 of 142 economies, sliding a notch from last year’s 66th spot, in the 2014 Prosperity Index of think-tank Legatum Institute.

Released last week, the index measures a country’s wealth, as well as the well- being of its people.

Over the last six years, the Philippines has ranked as follows: 61st in 2009, 64th in 2010, 66th in 2011, 66th in 2012, 67th in 2013, and 66th in 2014.

The Philippines placed 16th among the 29 Asia-Pacific countries included in the index. The country ranked behind New Zealand (3rd overall), Australia (7th), Singapore (18th), Japan (19th), Hong Kong (20th), Taiwan (22nd), South Korea (25th), Malaysia (45th), Thailand (51st), Mongolia (52nd), China (54th), Kazakhstan (55th), Vietnam (56th), Uzbekistan (57th) and Sri Lanka (62nd).

Only Indonesia (71st), Kyrgyzstan (74th), Azerbaijan (79th), Georgia (80th), Laos (93rd), Tajikistan (94th), Armenia (95th), Nepal (96th), India (102nd), Bangladesh (104th), Cambodia (112th), Pakistan (127th) and Afghanistan (137th) registered lower rankings than the Philippines.

Countries are also rated according to the index’s eight “core pillars of prosperity”; namely, economy, personal freedom, governance, social capital, entrepreneurship and opportunity, education, health, and safety and security.

Of these, the Philippines ranked highest in the economy sub-index, coming in 40th; although this is a place lower than last year’s 39th spot.

The Philippines was rated, as follows, in the other 7 sub-indices: personal freedom, 50th spot (down from 44th place in 2013); governance 55th (up from 56th); social capital, 59th in (up from 61st); 75th in entrepreneurship and opportunity (up from 79th last year); 76th in education (down from 73rd); 97th in health (up from 98th); and 111th in safety and security (up from 112th).

Norway took the 2014 Prosperity Index’ top spot in overall rankings. Rounding out the top ten spots were: Switzerland (2nd), New Zealand (3rd), Denmark (4th), Canada (5th), Sweden (6th), Australia (7th), Finland (8th), Netherlands (9th) and the United States (10th).
Meanwhile, the Central African Republic, Chad, Congo, Burundi, Yemen, Afghanistan, Togo, Haiti, Sierra Leone and Guinea were at the bottom ten of the list.

Legatum Institute, a London-based “charitable public policy think-tank whose mission is to help people lead more prosperous lives,” says that its Prosperity Index “is the only global measurement of prosperity based on both income and well-being;” thus; it claims to be “the most comprehensive tool of its kind and is the definitive measure of global progress.”