In a global index calculating the innovation performance of each country, Singapore ranks 7th in the world, whilst Hong Kong follows in 11th place.
Great performance in innovation scores Singapore in the annual survey by Cornell University, Insead Business School and the World Intellectual Property Organisation.
‘Innovation holds far-reaching promise for spurring economic growth in countries at all stages of development’
-WIPO Director General Francis Gurry
The Global Innovation Index surveys 141 world economies, using a plethora of 79 indicators to estimate both the innovative capabilities and the measurable results for each country.
Even though China and Malaysia recorded significant progress since last year, they lag behind in 29th and 32nd place respectively. According to the results, China scored particularly well in terms of innovation quality, as measured by University performance, the reach of scholarly articles and the international dimension of patent applications.
The study found that a ‘well-coordinated innovation policy plan with clear targets and a matching institutional set-up have proven to be a tool for success.’
Switzerland, The United Kingdom and Sweden top the list, followed by the Netherlands and the United States of America, the latter being the only representative from the American continent in the top 10.