South Korea topped the first position in the latest Bloomberg Innovation Index 2021. Snatching the position of Germany, which was there back in 2020, South Korea made it to the top position for the seventh time. Before this, South Korea had been in the top position for six years till Germany took the position last year. The ranking made in 2021 is supposed to reflect the world that fought against the Covid-19 pandemic and still prioritized innovation.
This year, the innovation was awarded taking into consideration the effort made to develop a vaccine, look after the environmental issue, and other innovative efforts around. Further, Korea’s effort for strong performance in Research and Development and manufacturing marks the next reason for the title.
In second place, Singapore made the position. Climbing one position upward, Singapore’s effort towards digital transition was awarded. Singapore had been allocating funds to help workers along with companies for the transition to the digital economy, scoring high for manufacturing. For the research category, Switzerland ranks the third position for the contribution that it had been showing as leadership under financial and biological technologies.
Germany falls three positions in comparison to last year clinching the fourth position, and Sweden retains its fifth position as that of last year. America drops two positions this year achieving 11th position and gets out of Top Ten position. The United States, which was in the top position of Bloomberg Innovation Index in the year 2013, fell because of bad scores that it received in higher education. Japan remains constant over its 12th position.
The major reason for the United States’ regular downfall has been assumed to be Trump’s policy that he implemented. With new president joe Biden’s ruling – it is believed that the US will gradually rise in the upcoming days as he has allocated USD 300 billion investment in Research and Development, for the policy named ‘Innovate in America’.
UAE takes one step upward and then makes it to the 43rd position from the 44th. An important reason why UAE has been gaining space is for its regular commitment to infrastructure development which turned UAE into a central hub for Finance, Real estate, Shipping, and Technology. The effectiveness of government handling of covid-19 pandemic proved excellent both during the pandemic times and now at the covid vaccination campaign which is running nationwide.
Also as per the Global Innovation Index (GII) report jointly published by Cornell University, INSEAD, and WIPO, UAE stands in 34th position among 131 nations for better performance in innovation inputs than in innovation outputs for the year 2020. The effort that the UAE has been making for a few years in the context of innovation is noticeable across the globe – and there have been significant noticeable outcomes that the world has been observing for the same.
India, the only country to represent South Asia jumps 4 positions and makes stand on 50th position and Qatar on the other hand takes 3 positions upward clenching at 52. China slipped one place to 16th in the 2021 index, as the battle with the U.S. continued over intellectual property rights and innovation policy.
The ranking process this year began for more than 200 economies that had scores of 0-100 in seven equally weighted categories. Those countries that did not report data for at least six categories were not regarded eligible and were eliminated. Bloomberg then published the report of sixty economies.
Bloomberg Innovation Index is the index that shows the annual ranking of how innovative countries are. The ranking is based on measurement over six major areas – research and development, high-tech companies, manufacturing, post-secondary education, patents, and research personnel. The data are generally derived from the International Monetary Fund, World Bank, World Intellectual Property Organization, and other institutions.