Singapore now the most innovative country outside of Europe

Irving Hamilton
July 13, 2018

China reached the world's top 20 most-innovative economies in the Global Innovation Index ranking published annually by Cornell University, INSEAD and the World Intellectual Property Organization. Iran remains second in this region, while Kazakhstan is third.

The top 10 innovative economies also include Britain, Singapore, Finland, Denmark, Germany and Ireland.

This provides decision makers with an overview about the innovation activity, which stimulates economic and social growth.

Armenia was ranked 68th in the latest Global Innovation Index (GII) rankings released in NY, falling nine notches from the previous ranking.

The latest GII rankings, released in NY on Tuesday, put India at 57th position and China at 17th in 2018 as compared to their last year's rankings of 60th and 22nd respectively, giving insight into their innovation capabilities and results.

Organisers also noted that after being 22th last year, China's 17th ranking this year "represents a breakthrough for an economy witnessing rapid transformation guided by government policy prioritising research and development-intensive ingenuity".

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WIPO is a specialised agency of the United Nations.

Kenya, the report noted, achieved high levels of innovation relative to its level of development - a continuous performance since 2011.

Africa's most innovative economies were able to attract higher foreign direct investments (FDI) that translated into more jobs for the youth and increased revenue streams to support social sectors like education and health, although investments in ICTs and creative industry were behind modernization of economies in sub-Saharan Africa. These included Kenya, Rwanda and South Africa.

Indonesia, Malaysia, Thailand, and Vietnam continue to move up the rankings, steering closer to regional powerhouses like China, Japan, Singapore and Republic of Korea.

If only measuring the Innovation Input Sub-Index the Philippines landed the 8th spot out of 30 lower-middle income economies this year. The theme of this year's edition is "Energizing the World with Innovation". It includes India's human capital (graduates in science & engineering), growth rate of GDP per worker, exports of information and communication technology (ICT) and services, productivity growth and creative goods exports among others.

"Given its size and innovation development, India has the potential to make a true difference to the global innovation landscape in the years to come".

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