Global Innovation Index 2024: Top 10 Countries

According to the latest report released by the World Intellectual Property Organization in 2023, the Global Innovation Index scores and rankings come from students’ assessment of the innovation index of 132 countries around the world. The ranking is based on the GII model and on multiple pillars and indicators of innovation.

Key factors underlying the GII rankings include:

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• Innovation investment
• mechanism
• Human capital and research
• Infrastructure
• Market maturity
• Business maturity
• Innovations
• Knowledge and technology outputs
• Creative Output

These pillars are divided into second-level sub-indicators, including political environment, education, ICT use, credit, investment, knowledge production, known impact, and creative goods/services.

The GII uses both quantitative and qualitative methods to score each indicator based on quantitative information and survey data. Therefore, the GII score is the arithmetic mean of the GII input sub-index and the GI output sub-index.

This is done to determine how each economy ranks against other economies in the index used to determine the rankings. The world’s top-ranked economies perform well in most aspects of the innovation pillars and indicators, as shown below.

The GII also identifies countries with high and low innovation performance at all levels of economic development, as well as economies that have rapidly risen to the top or bottom in the past decade. Here are the top 10 countries in the Global Innovation Index published by the World Intellectual Property Organization (WIPO) –

rank	nation	2024	2023	2022
1	Switzerland	67.6	67.6	65.5
2	Sweden	64.2	64.2	63.7
3	USA	63.5	63.5	61.3
4	U.K.	62.4	62.4	61.7
5	Singapore	61.5	61.5	59.2
6	South Korea	61.2	61.2	59.9
7	Netherlands	60.4	60.4	59.8
8	Germany	59.6	59.6	58.9
9	Finland	59.5	59.5	58.1
10	Denmark	59.4	59.4	58.6

Key Takeaways

• A comparison of national rankings of innovative economies in 2023 shows that Switzerland has ranked first among the most innovative economies for 13 consecutive years.
• In 2023, Sweden surpassed the United States and ranked second.
• By 2023, Singapore will move into the top five.
• In 2023, Finland appears on the list again, ranking higher at 6th place, but still far from the top 5.

The Global Innovation Index provides insights into the state of innovation in 132 countries around the world, helping to capture trends and serving as a benchmark for comparison.

India’s ranking in the Global Innovation Index

India has been steadily improving its ranking in the Global Innovation Index (GII) over the past few years:

• In 2022, India ranked 40th among 132 economies, up 6 places from the previous year. This is the first time that India has entered the top 40.
• In 2023, India remains at 40th place, with a statistical confidence interval of between 37 and 43.
• India ranks first among 37 lower-middle-income economies and first among 10 economies in Central and South Asia.

The 2024 Global Innovation Index highlights the importance of innovation to economies, with Switzerland retaining its top position for the 13th consecutive year. The ranking reflects the changing dynamics of global innovation and provides valuable insights for policymakers, businesses and researchers aiming to improve their competitive advantage in the global economy.

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Source: https://dinhtienhoang.edu.vn
Category: Optical Illusion