dotlah! dotlah!
  • Cities
  • Technology
  • Business
  • Politics
  • Society
  • Science
  • About
Social Links
  • zedreviews.com
  • citi.io
  • aster.cloud
  • liwaiwai.com
  • guzz.co.uk
  • atinatin.com
0 Likes
0 Followers
0 Subscribers
dotlah!
  • Cities
  • Technology
  • Business
  • Politics
  • Society
  • Science
  • About
  • Cities
  • Technology

The Most Innovative Economies In The World

  • February 12, 2020
Total
0
Shares
0
0
0

Singapore is the third most innovative economy in the world for the year 2020, according to this year’s edition of Bloomberg’s Innovation Index.

If you are interested in seeing the full report, you may do so here. Here, we will boil the report down to the highlights and key insights. Let’s start.

Highlights

 

Germany dethrones South Korea as the most innovative economy for 2020. Prior to this, South Korea has maintained a six-year streak at the top. This year, South Korea’s performance in innovation remains strong, ranking in second place.

Following South Korea is Singapore, Switzerland, Sweden, Israel, Finland, Denmark, US, and France.

Highlighting the top 60 economies in the world as shown above. We can see that a lot of the top economies when it comes to innovation are located in Europe. Asia also has quite a large share of top rankers for this year.

Methodology

In order to come up with the rankings, Bloomberg takes into account seven dimensions:

01. R&D spending intensity, the measure of the national gross domestic product (GDP) allocated for research and development.

02. Patent activity, which is measured in terms of resident utility filings per 1 million population and per US$ 1 million of R&D spent. The number of utility patents granted is also taken into account.

03. Efficiency of tertiary education, measured in terms of number secondary education graduates enrolled in post-secondary institutions, percentage of labour force with tertiary degrees, and percentage of science and engineering graduates in the total tertiary degree graduates.

04. Manufacturing, a measure of manufacturing added value per capita

05. Productivity, referring to a country’s research outputs

06. High-tech density, measured in terms of the number of domestically domiciled high-tech companies, including but not limited to:

    •  aerospace and defense,
    • biotechnology,
    • hardware, software,
    • semiconductors,
    • Internet software and services, and
    • renewable energy companies

07. Researcher concentration, measured by counting the number of professionals (including Ph.D. students) involved in R&D per 1 million population.

From the summarized scores across these dimensions, the Bloomberg Innovation is formed. The Index is a scale from 0 to 100. The closer a country’s score is to 100, the better it is in terms of innovation.

Gains and losses

While South Korea lost to Germany with a score of 88.21, it didn’t score too far behind. South Korea gained a very close 88.16. According to Bloomberg, South Korea suffered from a slump in the productivity dimension, only ranking 29th compared to the previous edition’s 18th.

In spite of being at the top, Germany still has a lot to improve. The country did score three top-five rankings in the dimensions: value-added manufacturing, high-tech density, and patent activity. However, Germany can still work on it’s services innovation.

Germany can also diversify the allocation of the R&D budget. Right now a third the budget is dedicated to the auto industry. If this industry suffers in the future, then the innovative strength of Germany will similarly take damage.

Meanwhile, Singapore reclaimed the third spot, a position it held two years ago. Bloomberg attributes this jump to the country’s gains in productivity and value-added manufacturing. Singapore has also retained the top spot for tertiary education efficiency.

A need for consistency

The United States which attained the first spot in the Index in its debut back in 2013 fell to 9th place this year. Last year it was positioned in the 8th spot.

“Innovation is a critical driver of growth and prosperity. […] the U.S. drop, is a reminder that without investment in education and research, trade tariffs aren’t going to maintain America’s economic edge,” according to Bloomberg chief economist Tom Orlik.

This is very much applicable not only for the US but also the whole world. In order to maintain excellence in innovation, there is a need to constantly learn and improve. Without this effort, a country will inevitably fall behind.

Total
0
Shares
Share
Tweet
Share
Share
Related Topics
  • Economy
  • Innovation
  • Research & Development
majulah

Previous Article
  • Lah!

Designers To Get Greater Assurance In Industrial Designs Protection As Singapore Signs On To The Locarno Agreement

  • February 12, 2020
View Post
Next Article
  • Cities
  • Technology

The Most Innovative Economies In The World

  • February 12, 2020
View Post
You May Also Like
View Post
  • Cities
  • Technology

Meralco PowerGen’s PacificLight starts up 100 MW fast-response plant in Singapore

  • dotlah.com
  • June 20, 2025
View Post
  • Technology

Apple services deliver powerful features and intelligent updates to users this autumn

  • Dean Marc
  • June 12, 2025
View Post
  • Artificial Intelligence
  • Machine Learning
  • Technology

Apple supercharges its tools and technologies for developers to foster creativity, innovation, and design

  • Dean Marc
  • June 11, 2025
View Post
  • Technology
  • Working Life

It’s time to stop debating whether AI is genuinely intelligent and focus on making it work for society

  • dotlah.com
  • June 8, 2025
View Post
  • Cities

Renewable energy, carbon credits are priority areas of cooperation for Singapore, Philippines: Lawrence Wong

  • dotlah.com
  • June 4, 2025
View Post
  • Cities
  • Politics

Singapore businesses eye more investments in PH, says PM Wong

  • Dean Marc
  • June 4, 2025
oracle-ibm
View Post
  • Artificial Intelligence
  • Technology

IBM and Oracle Expand Partnership to Advance Agentic AI and Hybrid Cloud

  • Dean Marc
  • May 6, 2025
View Post
  • Software
  • Technology

Canonical Releases Ubuntu 25.04 Plucky Puffin

  • Dean Marc
  • April 17, 2025


Trending
  • 1
    • Lah!
    E-Scooters To Be Prohibited On All Footpaths Following Safety Review
    • November 4, 2019
  • 2
    • Technology
    How Cold War Rivalry Helped Launch The Chinese Computer
    • August 18, 2019
  • 3
    • Lah!
    Can Hearing Lots Of Languages Offer Benefits Of Bilingualism?
    • September 13, 2019
  • 4
    • Lah!
    MoneySense Launches Campaign To Promote Financial Resilience Amid COVID-19 Challenges
    • October 5, 2021
  • 5
    • Lah!
    Park Hotel Group Secures Its First Green Loan Of S$237 Million Under The UOB Real Estate Sustainable Finance Framework
    • February 26, 2020
  • 6
    • Lah!
    Seniors Can Look Forward To First-Ever Dialect Sitcom In Variety Show, “Happy Together”《欢喜一家亲》, To Be Launched On 8 October 2021
    • September 24, 2021
  • 7
    • Science
    Complex Birdsongs Help Biologists Piece Together The Evolution Of Lifelong Learning
    • September 6, 2019
  • 8
    • Lah!
    • Technology
    S’porean At Local Startup Explains Deep Tech & Its Relationship With… Tomatoes?
    • November 5, 2020
  • dotlah-com_zedreviews-Apple-health-2-up-240909-scaled 9
    • Featured
    • Features
    • Gears
    • Technology
    Apple introduces groundbreaking health features to support conditions impacting billions of people
    • September 10, 2024
  • 10
    • Cities
    • People
    The State Of Gender Equality Across The EU
    • March 17, 2020
  • 11
    • Technology
    New Microsoft 365 Personal And Family Subscriptions Now Available In Singapore
    • April 24, 2020
  • 12
    • People
    The Most Populous Nations On Earth
    • July 29, 2020
Trending
  • 1
    Meralco PowerGen’s PacificLight starts up 100 MW fast-response plant in Singapore
    • June 20, 2025
  • 2
    A Father’s Day Gift for Every Pop and Papa
    • June 14, 2025
  • 3
    Apple services deliver powerful features and intelligent updates to users this autumn
    • June 12, 2025
  • 4
    Apple supercharges its tools and technologies for developers to foster creativity, innovation, and design
    • June 11, 2025
  • 5
    It’s time to stop debating whether AI is genuinely intelligent and focus on making it work for society
    • June 8, 2025
  • 6
    PBBM asks Singapore to invest more in PH renewable energy projects
    • June 6, 2025
  • 7
    Singapore PM Wong arrives in Malacañang
    • June 4, 2025
  • 8
    Renewable energy, carbon credits are priority areas of cooperation for Singapore, Philippines: Lawrence Wong
    • June 4, 2025
  • 9
    Singapore businesses eye more investments in PH, says PM Wong
    • June 4, 2025
  • 10
    The Summer Adventures : Hiking and Nature Walks Essentials
    • June 3, 2025
Social Links
dotlah! dotlah!
  • Cities
  • Technology
  • Business
  • Politics
  • Society
  • Science
  • About
Connecting Dots Across Asia's Tech and Urban Landscape

Input your search keywords and press Enter.