This post is by Dorothy Neufeld from Visual Capitalist
The Most Innovative Countries in the World 2022
Since 2000, global investment in research and development (R&D) has tripled to $2.4 trillion.
R&D spend is also casting a wider global net. In 1960, the U.S. made up nearly 70% of global R&D spending, and by 2020 this had fallen to 30%. From job creation and public health to national security and industrial competitiveness, R&D plays a vital role in a country’s economic growth and innovation, impacting nearly every corner of society—either directly or indirectly.
Along with R&D spend, other key ingredients play an important role in driving progress and innovation. These include technological adoption, scientific research, and venture capital activity, among others.
The above infographic ranks the world’s most innovative economies using data from the UN’s WIPO Global Innovation Index.
What Defines an Innovative Economy?
Innovation is inherently challenging to quantify, but the Global Innovation Index is a longstanding attempt to do just that.
The framework used for the index was designed to create a more complete analysis, comprising of 81 indicators across seven categories to calculate a country’s score:
|7 Categories||Example Indicators|
|Business Sophistication||Business R&D spend, net inflows of foreign direct investment|
|Market Sophistication||Size of economy’s GDP, intensity of local market competition|
|Infrastructure||Road, hospital, school construction, energy efficiency|
|Human Capital & Research||Government funding per pupil, quality of scientific and research institutions|
|Institutions||Political stability and safety, ease of starting a business|
|Creative Outputs||Most valuable brands, industrial design applications, trademark applications|
|Knowledge (Read more...)|