South Korea retained the global crown in the 2019 Bloomberg Innovative country Index, though improvements by Germany in research and education brought Europe’s largest economy to near-parity in the annual ranking.
The U.S. moved up to eighth place, a year after; cracks in education scores pushed it out of the top 10 for the first time.
The United Arab Emirates made the highest in innovative country debut in 46th place. Brazil rejoined the index in the 45th spot after not being ranked last year.
Also among the new entrants are some of the world’s largest emerging economies: India, Mexico, Vietnam and Saudi Arabia. While India is placed at 54th place, South Africa remains the only Sub-Saharan nation to be ranked among; the innovative country.
The 2019 ranking process began with more than 200 economies. Each was scored on a 0-100 scale based on seven equally weighted categories. Nations that didn’t report data for at least six categories were eliminated, trimming the total list to 95.
The annual Bloomberg Innovation Index, in its seventh year, analyzes dozens of criteria using seven metrics, including research and development spending, manufacturing capability and concentration of high-tech public companiesin innovative country.
The ranking comes as; global elites gather at this week’s annual World Economic Forum in Davos, Switzerland, where they will discuss the future of globalization, the role of the state and how innovation propels countries forward.
In the Bloomberg Index, Germany almost caught six-time champion among innovative country South Korea on the strength of added-value from manufacturing and research intensity, much of it built around industrial giants such as Volkswagen AG, Robert Bosch GmbH and Daimler AG. Although South Korea extended its winning streak, its lead narrowed in part because of lower scores in patent activity.