NEW YORK: Germany has broken South Korea's six-year reign as the "the most innovative nation in the world," according to the latest Bloomberg Innovation Index. The US ranked ninth, while China came in 15th, foreign media reported on Sunday. A total of 60 nations are included in the index, which is compiled using criteria including research and development spending, manufacturing capability, and concentration of high-tech public companies.
Innovation was a hot topic this week at the World Economic Forum in Davos, Switzerland, as the political, academic, and business elite discussed technological solutions to the current climate crisis.
Germany secured first place because of its positive ratings in patent activity, high-tech density, and value-added manufacturing. South Korea, on the other hand, recorded a slump in productivity, pushing it down to second place.
The result is somewhat surprising, as Germany's economy has been struggling. In 2019, it grew at its slowest pace in six years due to trade conflicts, a crisis in the automotive industry, and Brexit.
Meanwhile, Singapore rose from sixth place to third overall, and three Nordic countries made it into the top 10. Japan’s innovation ranking dropped by three spots since last year (it is now in 12th place), and the US, which held first place when the Bloomberg Index first debuted in 2013, is now only the ninth most innovative country in the world. The second-largest economy, China, rose one spot to 15th. France is at 10th position, Denmark at 8th, Finland 7th, Israel 6th, Sweden 5th, while Switzerland is at 4th.
