According to the index released recently, Singapore is now ranked as the top most innovative country throughout the world outside Europe. As per the Global Innovation Index, the country grabbed the fifth position, i.e., two places higher as compared to last year’s ranking, and it maintained top rank in Asia. If we look at the overall league table, with the first position of Switzerland, further ranks in the table are given to Netherlands, Sweden, and Britain in sequence. However, other names in the top ten’s list are United States, Finland, Denmark, Germany, and Ireland.
South Korea stood at 12th place whereas Japan is at 13th number in the recently published annual ranking that was compiled by Cornell University. These professionals compared several countries based on almost 80 indicators ranging from mobile application creation and intellectual property filling rates to scientific/ technical publications and educational spending.
Considering the three most important factors, the effectiveness of government, outflows of foreign direct investment and regulatory quality, Singapore maintained the first place on a global level. This country was also observed to be a top performer in terms of safety, political stability, foreign direct investment inflows, market capitalization and high-medium tech manufacturing. However, Singapore also showed poor performance for a few sectors like expenditure on education, environmental performance, pupil-teacher ratios, trademarks, productivity growth and industrial design, etc.
The chief executive of Intellectual Property Office, Singapore recently said that as per current scenario, innovation is proven to be the biggest driving force for the economy of the country as well as to boost its ranking on a global level. Song Seng Wun, CIMB Private Bank economist, said that this recent ranking provided great motivation to entrepreneurs and enterprises and they are now using the latest technologies to grow on a global level.
The index also reveals that the United States slipped down from 4th position to 6th in this year and studies reveal that it happened due to decay in the gross capital formation score of the nation. Whereas, another essential factor for its drop was the unavailability of proper data for tertiary enrolment. However, it is still a top-ranked country in terms of key innovation outputs and inputs that also includes investments in the field of research and development. On the other side, China advanced its ranking to 22nd positions from the 17th rank of the last year.
The great news is that as per index compilers, few lower, as well as middle-income economies like Vietnam, Thailand, Malaysia, and Indonesia, also moved few steps up in terms of innovation.
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