At the World Economic Forum’s annual assembly of political and business leaders in 2020, innovation was a forward-facing theme in Davos. Every year, over 200 economies are measured on the basis of R&D Intensity, Patent Activity, Tertiary Efficiency, Manufacturing Value-added, Productivity, High-tech density, and Researcher Concentration.
Now coming to the top 10 most innovative economies, Germany is at the top spot followed by South Korea, Singapore, Switzerland, Sweden, Israel, Finland, Denmark, the United States, and France. The best performing metric of Germany was high-tech density, and patent activity, South Korea’s best performing metric is R&D Intensity while Singapore’s best performing metric is tertiary efficiency.
South Korea is a country that leads in exports of communications technology and cars. Also, the country is the forefront of 5G country being the first country to launch it. South Korea is a country that invest more in research relative to its GDP.
Singapore leading for tertiary efficiency has almost 85% gross enrollment in higher education as of 2017. In comparison to this, the enrollment rate of Germany stood at around 70% in 2017.
We must mention here that Slovenia improved the most by 10 places due to stronger patent activity while New Zealand’s position went down by 10 places as it slid down to the 29th position.
Four countries made their debut on the index that are Algeria, Egypt, Kazakhstan, and Macao.
In an earlier article, we informed our readers that the United Arab Emirates (UAE) retained its top position as the Arab world’s most innovative country in 2019.