Research Shows U.S. Ranks No. 1 in the World for Innovation

Despite the current economic crisis, the US remains the world's most innovative economy, with inextricable Competitive business sophistication and competitiveness. The UK, which is also in recession, ranks fourth globally, behind Germany and Sweden, the study found. The Global Innovation Index, released in New Delhi on Tuesday, looks radically different from traditional indicators of innovation, such as Ru0026D spending as a share of gross domestic product (GDP), the number of engineering graduates per year, and patents and scientific publications. quantity. In effect, the Global Innovation Index seeks to measure an economy's broad innovation potential by assessing institutions and policies, infrastructure, business and market sophistication, and human skills. The study also assessed wealth, competitiveness and knowledge in an overall ranking of 130 countries. The study describes innovation as 'the fusion of inventions and creations that lead to economic and social value'. Compare China and India, two aspiring superpowers in Asia: China ranks 37th globally and India ranks 41st. However, the ranking also shows a striking difference between the strengths and weaknesses of the two Asian powers. In terms of infrastructure, including telecommunications, China ranks 48th, well above India's 76th. In terms of global competitiveness, China ranks fifth. However, in terms of human skills, India ranks 28th globally, surpassing China's 38th. Professor Dutta said: 'China has an excellent ability to rapidly implement infrastructure development, while India is to turn human capabilities into competitiveness.' In Asia, the Global Innovation Index ranks Singapore as the most advanced in the region. The most innovative economy (5th globally), followed by South Korea (6th globally). In terms of institutional and policy environment, Singapore ranks second globally after Finland, while South Korea ranks first globally in knowledge creation. Japan, the world's second-largest economy, lags behind: third in Asia and ninth globally, due to its poor performance in terms of institutions and markets and business sophistication. Hong Kong ranks 12th in the world overall, and its market is rated as the most complex in the world, but only 26th in the world for human skills.