Innovation is one of the most powerful drivers of economic growth and prosperity. It plays key role as a driver of global competitive advantage for any country. But which is the world’s most innovative country? Global Innovation Index, an annual report, published jointly by WIPO, Cornell University, INSEAD on August 15, 2016, tries to tackle the question.
The ranking of the innovation performance of 128 countries and economies around the world, based on 82 indicators, is a complex feat to full of. Switzerland, Sweden, UK, U.S., Finland, Singapore, Ireland, Denmark, Netherlands, and Germany lead the 2016 rankings of the world’s most innovative economies. Bangladesh ranks 117 among 128 countries, advanced 12 points from last year’s 129.
While ranking innovation performance of countries is a complex process, the index recognizes the need for a broad vision of innovation, which can be applied to developed and emerging economies alike, and includes indicators that go beyond traditional measures of innovation, such as the level of research and development.
The chart above shows the most innovative economies in the world.