WIPO has published its Global Innovation Index for 2022. According to the report, the most innovative nation in the world is Switzerland followed by the United States, Sweden, and United Kingdom.
Some of the main findings from the report are:
The top global corporate R&D spenders increased their R&D expenditure by almost 10 percent to over USD 900 billion in 2021, higher than in 2019 before the pandemic. This increase was primarily driven by four industries: ICT hardware and electrical equipment; Software and ICT services; pharmaceuticals and biotechnology; and construction and industrial metals.
Investments in global R&D in 2020 grew at a rate of 3.3 percent, but slowed from the historically high 6.1 percent R&D growth rate recorded in 2019. Government budget allocations for the top R&D spending economies showed strong growth in 2020. For 2021 government R&D budgets, the picture was more varied, with spending growing in the Republic of Korea and Germany, but falling in the US and Japan.
Venture capital (VC) deals exploded by 46 percent in 2021, recording levels comparable to the internet boom years of the late 1990s. Latin America and the Caribbean and Africa regions witnessing the strongest VC growth. The VC outlook for 2022 is more sober however; tightening monetary policies and the effect on risk capital will lead to a deceleration in VC.
This year the most innovative nation is Switzerland followed by Sweden, the US, the UK and South Korea.
Top three of the most innovative countries by region is as follow:
Bulgaria, as an EU Member State, is at 35th position in this index, but more interestingly is the fact that the country is second in the list, after China, from the group of countries with an upper middle-income level that have performance above expectations.
The Global Innovation Index is very indicative how well developed and competitive the relevant countries are. It is no surprising that the most developed countries are at the top of the list.
The good news for Bulgaria is that the country is in the first group of countries with positive perspective for future development in the innovation area.
One of the reason for this is that the software industry in Bulgaria has been growing year after year with an impressive pace (the growth for 2020 is about 20% compared with 2019 despite the pandemic). The other reason is that more and more foreign companies open R&D departments.
An additional progress in the Index, however, will require better connection between the business, scientific organizations and universities as well as better access to startup financing.
WIPO published its Global Innovation Index for 2019. Switzerland was ranked as the most innovative nation in the world followed by Sweden and the US. The rest of the countries in the top 10 are Nederland, Finland, the UK, Singapour, Germany, Denmark, and Israel.
Bulgaria is ranked 40 which is three places behind the last year’s position. More data for the country can be found here.
More information regarding this index you can found here.