Despite the devastating impact of the COVID-19 pandemic on humans and global economies, governments and businesses around the world have boosted their efforts in innovation.
Intellectual property filings, Research & development spending, and Venture capital funding increased in 2021, expanding on the pre-crisis peak performance that had already been achieved.
The Global Innovation Index (GII) 2021 edition uses 81 different metrics to offer the most recent global innovation rating of 132 economies.
The COVID-19 pandemic’s effects on innovation are a key topic in this edition of the new Global Invention Tracker, which tracks the most recent trends in global innovation.
The GII’s comprehensive formula for assessing an economy’s capacity and output for innovation offers clarity for decision-makers in business, government, and other sectors as they prepare to develop regulations that will help their citizens innovate and produce more effectively.
Key innovation trends are captured by the Global Innovation Tracker, a new element of the Global Innovation Index 2021.
It makes use of a collection of metrics discovered throughout each of the three stages of the innovation journey:
- Science and innovations investments.
- Technological progress.
- Technological progress.
The rating takes into account things like the amount spent on Research & development activities, the number of domestic patent applications, and the number of domestic publicly traded high-tech firms.
With a score of 65.5 out of 100, Switzerland came out on top, earning the title of the world leader in innovation for the eleventh time.
The United States completes the top three, followed by Sweden in second place.
South Korea, which rose from number 10 in 2020 to rank 5 in 2021, was one of the rankings’ major winners.
Here are the top 10 most innovative economies in the world, according to the Global Innovation Index (GII) 2021 edition:
- Switzerland
- Sweden
- United States of America
- United Kingdom
- Republic of Korea
- Netherlands
- Finland
- Singapore
- Denmark
- Germany
Read more on Crenov8:
In what ways can Governments Help to Spur Innovation and Foster a more Diverse and Inclusive Economy
Why Social Innovation Is Important In Business
The Top Ten Largest Industries in the World in 2022
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