Saturday, March 6, 2021

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Which Asian Country Surpassed the US for No.1 Spot at Bloomberg Innovation Index?

The Bloomberg Innovation Index 2018 is finally out with some astonishing results. For the first time in six years, the United States has slipped out from the top ten nations while South Korea remained number one, followed by Sweden at number two.

The Bloomberg Innovation Index evaluates countries on seven categories including R&D spending and high-tech public companies’ concentration, the list of top 50 nations has been released. From last year’s ninth position, United States has slipped down to number eleven. Singapore, on the other hand, moved ahead to stand strong at number three, ahead of Germany, Switzerland, and Finland.

South Korea maintained the top spot for the fifth consecutive year owing to the rise in the number of US patents received by its leading brand, Samsung Electronics Co. Meanwhile China too gained two spots to move up to number 19. Following Thailand’s drop to number 45 from last year’s 44, CLSA Thailand Country Head said the country sees research and development as an expense, and not an investment, thus the mindset is what causes the country to slip down in the list. The country head added that there is a dearth of innovation in such countries where the culture speaks volumes about risk avoidance.

India Nowhere on the Bloomberg Innovation Index List

The top ten countries this year were no surprises with Japan at number 6, France jumping to number 9 from last year’s number 11 only to join five other European nations in the top ten list. The surprising fact to be mentioned is that Israel turned out to be the only country to go past South Korea in the research and development criteria. After a gap of 4 years, Iran and South Africa have finally found a space back in the top fifty list.

However, the upsetting point of concern here is the fact that India, the nation that boasts of highest education, was nowhere to be seen in the top 50 list of Bloomberg Innovation Index, 2018.

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