The annual Bloomberg Innovation
Index analyses dozens of criteria using seven metrics, including research and
development spending, manufacturing capability and concentration of high-tech
public companies. South Korea retained the global
crown in the 2019 Bloomberg Innovation Index, though improvements by Germany in
research and education brought Europe’s largest economy to near-parity in the
annual ranking. Although
South Korea extended its winning streak, its lead narrowed in part because of
lower scores in patent activity.
The US moved up to eighth place, a year after cracks in education scores
pushed it out of the top 10 for the first time.
Sweden, the runner-up in 2018, fell to the seventh spot. Patent activity boosted the scores for China (16th) and Israel, which was a big winner by jumping five spots to fifth overall.
South Korea’s staying power at No 1 should receive a boost from fresh
investments in strategic technologies and a regulatory program that encourages
start-ups, according to Khoon Goh, head of research at Australia & New
Zealand Banking Group in Singapore. “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,” Goh said.
Also among the new entrants are some of the world’s largest emerging
economies: India, Mexico, Vietnam and Saudi Arabia.
What about Malaysia? We remained 26th for 2019, no change
from the previous year.
Reference:
Germany nearly catches S. Korea as innovation
champ, US rebounds, Bloomberg, 22 January 2019
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