The most recent edition of the GII (Global Innovation Index), which ranks 129 economies on their level of innovation, was recently released. The GII uses over 80 different factors to calculate how innovative a certain country is and how it compares to other countries on the index.
Factors taken into consideration include everything from research, high-tech imports and exports to trademarks, investments and patent applications. The 2019 edition showcases several countries that have made significant improvements within areas of innovation by using previous GII reports to actively improve their level of innovation within the global marketplace. India, host of the 2019 launch, is one such country.
What are the most innovative countries of 2019?
Switzerland retained its number-one spot from 2018, topping the 2019 chart for innovation, with Sweden, the US, the Netherlands and the UK at numbers two to five respectively. The UK moved down one place from last year, while Sweden moved up one. Meanwhile, the US moved up three places and the Netherlands dropped down by two places.
What were the most notable findings of the 2019 GII?
While the GII measures innovation in specific countries, it also gives an insight into global innovation trends. The most recent report has shown that areas of science, technology and general innovation have been transformed throughout the last few years to become an ever-evolving landscape of adaptation.
The report also shows that China, the US and Germany lead in science-based innovations.
As well as several positives, the report also highlights some potential issues that could negatively affect the future growth potential of certain regions, as well as globally.
Which potential innovation downfalls were highlighted?
The financial investments in public research and development in both low- and high-income areas of a large number of economies aren’t growing as steadily as they perhaps should be. Growth is slow or non-existent in some places, indicating a shortage of potential future innovations caused by a lack of R&D in new and existing technologies and industries.
Another key contributor to the fear of decreased innovation growth rates in the future is the rising issue of protectionism within countries where growth is most notably important, as well as the ones with the most potential. This protectionism could lead to the slowing down of innovation and could even impede economic growth in the long term.
What should we take away from the new GII?
Key takeaways include the improving growth of many regions, including those already mentioned, as well as many others on the list. Improving technologies and the use of previous GIIs to conduct high-energy, high-stakes economic breakthroughs is a key part of many countries’ agendas, including economies such as India.
It’s also worth noting that government agendas are key to continued economic and innovative growth, and without priority placed on these factors from the leaders of such economies, growth cannot be fostered.
For more information about the top contenders for innovative growth and an in-depth explanation of the findings click here.