With coronavirus crushing the world’s economy, there is one thing that sets apart countries. It is the innovative strategies and ideas that they bring to solve complex problems including the COVID-19. For, instance countries in the world are in a race to innovate the vaccine for coronavirus. Innovation is the process of creating and introducing new ideas, strategies, and products that majorly helps mankind to solve a problem. It is certainly the innovation that contributes greatly to a country’s economic growth. The 2020 Bloomberg Innovation Index states that Germany beats South Korea’s six-year record and ranks first in the list of the most innovative countries in the world. Stay tuned until the end of this article to grab the list of countries as per the Bloomberg Innovation Index and Global Innovation Index report.
Is Your Country Innovative Enough In 2020?
Well, many may think that this question can be answered by looking at the dominance in world trade. However, there are entirely different parameters employed to answer this question.
For instance, the US is known for the development of ideas that have changed lives. Production in the country increases because of innovation. Indeed, innovation and productivity are two sides of the same coin.
This does not make it the most innovative country. Nonetheless, the considerations in deeming a country innovative are diverse. Still, this does not, however, bring the idea of America lagging in technology.
1. Bloomberg World Innovative Rankings
The World’s Innovative Countries: Key Factors That Determine The List
1. Part of GDP spent on Research and Development
3. Research Force
4. Hi-Tech Companies
5. Capabilities in Manufacturing
6. Tertiary Education
Most Innovative Countries – 2020
With the parameters stated above and the data sourced from the sources, Bloomberg compiles its Innovative Index every year. Based on these results, the recent results for 2020 are as below:
Germany ranks No.1 on the list of most innovative countries in the world by beating South Korea. The added efforts of Germany in the sectors like manufacturing, high-tech companies density, and patent activity made the country back the top score.
In 2019, Germany was in the second position, right behind South Korea.
In 2020 Germany breaks South Korea’s six-year record as the most innovative country in the world and climbs to rank one in the world.
2. South Korea
South Korea, has been on the No.1 of the most innovative countries for six years in a row, until this year. Thanks to the South Korean brains who think ahead and solve problems with innovative solutions.
Tech oriented companies like Samsung Electronics, LG, and Hyundai Motor & Co. are the leading giants that should roll up their sleeves and catch up with other countries to stay in the top 10.
In fact, China could easily beat South Korea if they do not gear up their research and developments, which in turn contributes to the innovations of the country.
South Korea has topped The Bloomberg Innovation Index for the sixth straight year until 2019.
Singapore with its world ranking efficiency in education has climbed up the ladder from spot 6 to spot 3 on the list of most innovative countries.
The country has a quality focus on manufacturing and encourages top talent to bring innovative ideas to the table.
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The country famous for quality products like Swiss watches, chocolates, and even cheese, is a top contender for several countries trying to gain a spot on the most innovative countries report.
Switzerland has been consistently seen in the top 10 most innovative countries and easily gains a spot on the Global Innovation Index report as well.
Sweden as a country has a lot of interesting facts hidden and always tries to come up with innovative strategies. The country also boasts about its excellence and an intriguing lifestyle.
Israel is one of the key leaders for its efforts in research and development. Although the country did not score high in terms of manufacturing, and efficiency, it did manage to stick to its rank as the previous year.
Denmark is a country known for its sophistication, ranks well as the happiest country in the world.
It is also consistently observed as one of the countries with a better quality of life.
9. United States
The United States which is known to be a startup hub also ranked first on the Boomerang Index of most innovative countries in 2013.
The downfall of the US to this position alerts that the country must focus more on education and research, far more than trade and politics.
But, it is still not so bad. In fact, the USA has risen three spots from the previous year. Alternatively, China bagged the 16th position in the annual ranking.
However, there are concerns that it is being overtaken in innovation over the last few years. The year 2018 witnessed the country deemed to be the world’s biggest thing economy miss out of the top ten spots in the Bloomberg Innovative Rankings.
Furthermore, the US is ranked 26th currently by CEO World in terms of investment activities. Malaysia, a developing country emerges the best.
Currently, China and the US are locked in a trade war. The USA claims to be trying to protect its intellectual property from China.
However, the USA might be frightened by the rapidly increasing expansion of the Chinese economy. This is powered by government policies. Furthermore, it encourages research and entrepreneurship.
China is using its phone maker, Huawei. Along with them, it is anticipated to release the 5G network. Undoubtedly, this is a real bargain in the innovativeness levels.
However, this cannot be a strong indicator. America is falling behind in technology. On the other hand, things like the controversial arrest of the Huawei CEO in Canada might mean that the country itself is doubting its technological capabilities.
2. The Global Innovation Index Report
Global Innovation Index Report – 10 Innovative Countries In The World
- The United States Of America
- United Kingdom
Based on this index, Switzerland ranked the most innovative country for 8 years in a row until the year 2018.
The Global Innovation Index Report – Top Countries In Education:
- the Netherlands
- the Republic of Moldova
- and Malta