Thursday, 15 November, 2018

China joins 20 most innovative economies, US falls to No

China joins 20 most innovative economies, US falls to No China joins 20 most innovative economies, US falls to No
Jean Garcia | 13 July, 2018, 22:43

It ranked at 66th position in 2016 and 60th past year.

But the Intellectual Property Office of the Philippines noted that even with the Philippines failing to rank high in the Innovation Output Sub-Index, it continues to dominate neighboring Asean nations in one specific output-indicator: ICT services exports.

"Kenya achieves high levels of innovation relative to its level of development, a continuous performance since 2011", the report states.

The US fell to number six, down from fourth previous year, but it remains an innovation powerhouse that has produced numerous world's leading hi-tech firms and life-changing innovations.

The Netherlands, Sweden, the United Kingdom, Singapore, United States of America, Finland, Denmark, Germany and Ireland rounded GII 2018 top ten.

Cornell University and France's INSEAD business school, the innovation study is described as a "detailed quantitative tool that helps global decision makers better understand how to stimulate the innovative activity that drives economic and human development".

"China's rapid rise reflects a strategic direction set from the top leadership to developing world-class capacity in innovation and to moving the structural basis of the economy to more knowledge-intensive industries that rely on innovation to maintain competitive advantage", WIPO Director General Francis Gurry said, adding "It heralds the arrival of multipolar innovation".

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Vietnam is ranked second in innovation among lower middle income economies, and experts say it has punched above its income weight.

Twenty economies comprise these "innovation achievers" in 2018, three more than in 2017.

South Africa topped the list of the most innovative economies in Africa followed by Mauritius and Kenya thanks to policy incentives coupled with investments in modern technologies, skills upgrade and scientific research.

In the GII report 2017, Vietnam was at the 47th place among 127 economies over the world.

The report recommended that more investment be channelled towards the production of clean/green energy as it is projected that by 2040, the world will need about 30% more energy than it requires today.

Despite being ranked on the lower end, India remains the top performer in the lower middle-income group, where it takes the secured fifth spot.

India ranks well on a number of important indicators - productivity growth and exports of information and communication technology and services. The patency employees evaluate these innovations as per the world class standards.

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