Most Innovative Economies in 2024: After experiencing booms in 2020 and 2022, global R&D growth has slowed to 3%, in addition, venture capital investments have decreased by 39%, and international patent filings have also declined, as per to the World Intellectual Property Organisation (WIPO), which recently published the Global Innovation Index (GII) 2024.
Macroeconomic factors, including sluggish economic growth, reduced funding for innovation, and declining productivity, have driven economies to improve their innovation ecosystem and performance, while also implementing innovative policies and strategies aimed at addressing critical economic and societal challenges.
Not so surprisingly, Switzerland regained the top spot once again in the Global Innovation Index for the 14th consecutive year, reigning as a global leader in innovation outputs.
Ranking first globally in both knowledge and technology outputs and creative outputs, it’s also among the top 5 in remaining GII pillars, except Infrastructure, where it ranks 7th globally.
It’s noteworthy to mention that middle-income economies like China have demonstrated sustainable innovation performance over the past decade, driven largely by advancements in education, policy, and infrastructure, resulting in it climbing up to the 11th position in global innovation rankings, closing in on the top 10.
Meanwhile, countries such as Turkey, Malaysia, the Philippines, and Vietnam have made significant strides, while India is moving up one place, continuing to lead the lower-middle-income group in Southeast Asia.
Global Innovation Index 2024: Here are the top three innovation economies, based on region and income group. (Source: WIPO)
Top 10 global economies that emerged as innovative powerhouses
Ranking 133 economies around the world, while also highlighting the critical role of social entrepreneurship in driving innovation, here are the top 10 most innovative economies in the world, as per the Global Innovation Index 2024.
Advertisement