what is the rank of the philippines in terms of economic status
Economy of the Philippines The Philippines is primarily considered a newly industrialized country, which has an economy transitioning from one based on agriculture to one based more on services and manufacturing. As of 2017, GDP by Purchasing power parity was estimated to be at $878.980 billion.[26]
Quality of life Unlike per capita GDP or standard of living, both of which can be measured in financial terms, it is harder to make objective or long-term measurements of the quality of life experienced by nations or other groups of people. Researchers have begun in recent times to distinguish two aspects of personal well-being: Emotional well-being, in which respondents are asked about the quality of their everyday emotional experiences—the frequency and intensity of their experiences of, for example, joy, stress, sadness, anger, and affection— and life evaluation, in which respondents are asked to think about their life in general and evaluate it against a scale.[9] Such and other systems and scales of measurement have been in use for some time. Research has attempted to examine the relationship between quality of life and productivity.[10] There are many different methods of measuring quality of life in terms of health care, wealth and materialistic goods. However, it is much more difficult to measure meaningful expression of one's desires. One way to do so is to evaluate the scope of how individuals have fulfilled their own ideals. Quality of life can simply mean happiness, the subjective state of mind. By using that mentality, citizens of a developing country appreciate more since they are content with the basic necessities of health care, education and child protection.[11]
Mixed economy Economies ranging from the United States[5][6] to Cuba[7] have been catalogued as mixed economies. The term is also used to describe the economies of countries which are referred to as welfare states, such as the Nordic countries.[8][9] Governments in mixed economies often provide environmental protection, maintenance of employment standards, a standardized welfare system, and maintenance of competition.
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