These are the most innovative economies in the world
Climbing the ranks: Singapore improved from 6th place to 3rd this year. Image: Unsplash/Vladislav Klapin
- Germany has been named the world's most innovative economy by Bloomberg.
- It takes the top spot from South Korea, ending the country's six-year streak.
Cancer research, meat alternatives and smart home technologies are among the major developments of our time. But which countries are world leaders in research and development, patent activity, high-tech density and everything that comes with fostering innovation? A recent Bloomberg ranking shows the most innovative countries by index value. Germany ranked highest in 2020, breaking South Korea's six year streak. The U.S. is ranked in ninth place, losing one rank compared to 2019.
What do we mean by ‘competitiveness’?
The ranking includes factors such as research and development expenditures, the number of domestic patent applications and the number of domestic public high-tech companies. Germany scored 88.21 out of 100 possible points, as our chart shows. Singapore and Denmark were the countries most improved among the top 10, climbing up three ranks each.
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