South Korea and Germany Lead World’s Most Innovative Countries Ranking in 2019

by February 5, 2019 0 comments

Most Innovative Countries

New York-based media firm Bloomberg has crowned South Korea as the most innovative country of 2019. Following South Korea, Germany owing to its improvements in research and education gained the second position in the annual ranking. The United States of America scored the eighth position in the index.

The annual Bloomberg Innovation ranking framed its indexing over criteria including manufacturing ability, a focus of high technology public organizations, expenditure on research and development.

The criteria which were quite rhythmic between the two leading nations was the strength of added value from manufacturing and research industry. The added-value to the industry was constructed around industrial jumbos – Robert Bosch GmbH, Volkswagen AG and Daimler AG. Although South Korea managed to maintain the lead yet its scores narrowed down in context to patent activities.

 

Serial No.Countries2018 Ranking2019 RankingPatent ActivityR&D IntensityManufacturing Value Added
1.       South Korea112022
2.       Germany42773
3.       Finland735916
4.       Switzer land542734
5.       Israel1054133
6.       Singapore3614135
7.       Sweden2725415
8.       USA11811025
9.       Japan691057
10.  France910151241
11.  Denmark81128821
12.  Austria121218611
13.  Belgium141391126
14.  Ireland131438321
15.  Netherland1615121629
16.  China191621413
17.  Norway1517111749
18.  UK1718192045
19.  Australia181961956
20.  Canada222082239
21.  Italy2021262422
22.  Poland2122373620
23.  Iceland2423171536
24.  New Zealand2324292635
25.  Czech Rep.282522216
26.  Malaysia262641239
27.  Russia2527303337
28.  Luxembourg322832947
29.  Romania3529245518
30.  Spain2930443127
31.  SloveniaDebut3160188
32.  Hungary2732503012
33.  Turkey3333163823
34.  Portugal3034512834
35.  Greece3135473452
36.  Estonia3636312530
37.  Lithuania3437544016
38.  Hong Kong3738404360
39.  Slovakia3839494410
40.  Thailand4540324814
41.  Bulgaria4141484532
42.  Latvia4042435646
43.  Malta3943584951
44.  Croatia4244593938
45.  BrazilDebut45532757
46.  UAEDebut46463531
47.  Iran4947136048
48.  Cyprus4748335259
49.  Serbia4449573742
50.  ArgentinaDebut50564640
51.  South Africa4851214253
52.  Tunisia4352555043
53.  Ukraine4653355458
54.  IndiaDebut54364754
55.  KuwaitDebut55235844
56.  Saudi ArabiaDebut56454119
57.  QatarDebut57525124
58.  ChileDebut58425950
59.  MexicoDebut59345328
60.  VietnamDebut60395755

 

Major highlights and observations from the index

•  Sweden which was the runner up in last year’s indexing managed to settle at the 7th position this year.

•  Patent activity accelerated the ranking of Israel up to 5th position surpassing Singapore, Sweden, and Japan.

•  Fresh investments and strategic adaptation of disruptive technologies encouraging startups boosted South Korea’s indexing to the highest level.

However, Khoon Goh, head of research at Australia & New Zealand Banking Group Ltd. in Singapore notices the challenges in taking innovation to the next level for highly concentrated family-run businesses. He said – “Innovation is becoming increasingly important 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.”

•  On the other hand, Germany’s hike also seems provisional as European exporters having a hard time with lack of skilled workers and unstable immigration policies.

Juergen Michels, chief economist of Bayerische Landesbank said the country must redefine its groundwork in high-tech sectors/industries such as diesel, digital communications, and artificial intelligence.

•  The United Kingdom fell on 18th position losing two spots to China.

•  China bagging the 16th position in the annual ranking, managed to get stationed at the second position in term of patent activity on the muscle of Huawei Technologies and BOE Technology Group’s Research and Development. Contradictory to this, China stills falls down in context to most innovative countries in the overall productivity.

•  The USA which fell at 10th place last year, grabbed the 8th position in the annual ranking this year due to faster product cycles and intense atmosphere of competition between functions of managers in the industry.

Albert Bourla, chief executive officer of the New York-based drug maker asserted – “Mediocre or incremental innovation is not going to be rewarded the way that they used to be. We need to make sure that we change the way that we operate so that we can remove bureaucratic processes. Innovation and bureaucracy, like water and oil, they don’t mix well together.”

•   In this particular ranking, Tunisia became the biggest flop as it fell out of the top 50.

•   The UAE (United Arab Emirates) as a debutant scored 46th place whereas Brazil re-joined the force at 45th ranking.

•   World’s largest emerging economies including India, Mexico, Saudi Arabia, and Vietnam also made their debut in the annual index.

•   Also, South Africa solely represented Sub-Saharan nation in the listing.

The ranking published by Bloomberg features 60 economies all over the globe. The ranking for 2019 was commenced with the involvement of 200 nations which later abridged to the total list of 95. The scalability of the countries on 0-100 over seven proportionally weighted categories, out of which certain nations were kicked out due to lack of report data for few sections, led to the compression of the catalog.

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