Sweden has been ranked highly as one of the most innovative country, coming second to Switzerland with the United States coming third.
This is according to the 2019 edition of the Global Innovation Index (GII), which also identifies regional leaders India, South Africa, Chile, Israel and Singapore, with China, Viet Nam and Rwanda topping their income groups.
“The GII shows us that countries that prioritize innovation in their policies have seen significant increases in their rankings,” according to WIPO Director General Francis Gurry.
“The rise in the GII by economic powerhouses like China and India have transformed the geography of innovation and this reflects deliberate policy action to promote innovation,” he said.
The GII is a global benchmark that helps policy makers better understand how to stimulate and measure innovative activity, a main driver of economic and social development.
According to a statement released by different institutions, the rankings have 129 economies based on 80 indicators, from traditional measurements like research and development investments and international patent and trademark applications to newer indicators including mobile-phone app creation and high-tech exports.
“Despite signs of slowing economic growth, innovation continues to blossom, particularly in Asia, but pressures are looming from trade disruptions and protectionism. Sound government planning for innovation is critical for success,” according to the report.
For the first time, the GII launch is being hosted by the Government of India, which uses the GII in creative ways to strengthen its policy framework for innovation at both the national and regional levels.
India hosted the event where Sweden was announced second best.
The country’s Minister of Commerce and Industry and Railways Piyush Goyal said : “The GII is a useful tool for governments to map out their strategies to foster innovation. The Government of India compliments the World Intellectual Property Organization for its efforts in this direction.”
Switzerland (Number 1 in 2018)
United States of America (6)
The Netherlands (2)
United Kingdom (4)
Korea, Republic of (12)
Hong Kong (China) (14)