- The index examines each country in range of areas including education, research and development and manufacturing with a list of 60 most innovative countries. The countries are ranked on the basis of their overall ability to innovate considering seven-equal weighted metrics such as R & D intensity, manufacturing value added, productivity, high tech density, tertiary efficiency, patent activity and researcher concentration.
- The ranking comes as global elites gather at the annual World Economic Forum in Davos, Switzerland, where they discuss the future of globalization, the role of the state and how innovation propels countries forward.
- According to a Bloomberg report, Bloomberg has published top 60 economies out of 95 economies analysed for the ranking process for the year 2019. Each economy has been assigned a score from 0-100 on the basis of seven equal-weighted metrics.
- South Korea retained the global crown in the 2019 Bloomberg Innovation Index.
- The improvements by Germany in research and education brought Europe’s largest economy to near-parity in the annual ranking.
- Innovation is turning into progressively necessary to drive economic performance, particularly in the higher-income Asian economies where there is no longer a demographic dividend and higher value-added manufacturing assembly is being shifted to lower-cost countries in the region.
- Top-ranked countries:
- 1. South Korea (Score – 87.38)
- 2. Germany (87.30)
- 3. Finland (85.57)
- 4. Switzerland (85.49)
- 5. Israel (84.78)
- Bottom-ranked countries:
- 1. Saudi Arabia (47.18)
- 2. Qatar (46.58)
- 3. Chile (46.40)
- 4. Mexico (46.00)
- 5. Vietnam (45.92)
- United Arab Emirates, Saudi Arabia, Mexico, Vietnam, Brazil, Kuwait, Qatar, Chile, Argentina, Slovenia have been ranked for the first time.
India Specific Findings
- India is placed at 54th spot in Bloomberg Innovation Index with a score of 47.93 out of 100.
- India is ranked at 47th in research & development intensity, 54th in manufacturing value-added, 58th in productivity, 29th in high-tech density, 51st in tertiary efficiency, 59th in researcher concentration and 36th in patent activity.
- India has been ranked in the Bloomberg Innovation Index for first time ever.
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