Innovation is one of the most powerful forces driving growth and prosperity in the world. Despite a slowing global economy, low productivity growth, and trade war tensions, the worldwide R&D expenditure continues to rise steadily. Bloomberg has published its 2020 Innovation Index, ranking 60 of the world’s most innovative countries. Let’s check out which ones made it to the top 10.
To compile the 8th annual Bloomberg Innovation Index, the publication began by analyzing more than 200 economies. It scored them on a scale of 0-100 based on seven metrics including R&D spending, manufacturing, and concentration of high-tech public companies. It removed from the list countries that didn’t provide data on at least six of the seven metrics.
Innovation was one of the hottest topics at the at the World Economic Forum in Switzerland earlier this month. Bloomberg’s 2020 ranking sheds light on the pace of innovation in different countries.
Japan, which used to be among the most innovative countries on the planet, has dropped to 12th place this year from 9th spot in 2019. China jumped one spot to 15th. Chinese companies are filing more patents now than ever before. On the other hand, New Zealand was the biggest loser, falling five spots to 29th due to a decline in value-added manufacturing performance. …