The Most Innovative Economies of 2022
The Most Innovative Economies of 2022: A Look at the Global Innovation Index by WIPO
Innovation and creativity have been two of the most sought-after qualities in the modern world, and to keep track of who's who in the world of innovation, the World Intellectual Property Organization (WIPO) publishes an annual report called the Global Innovation Index. The 2022 edition revealed that Latin America recorded the largest increase in venture capital operations in the world during 2021, but financing for innovation is more difficult in periods of economic crisis.
The Global Innovation Index is an invaluable source of information on innovation, tracking the main advances, both at the national and regional levels, to help policy-makers determine the degree of innovation of their activities. The report assesses 132 economies around the world based on various indicators, including research and development, human capital and education, and creative outputs.
Switzerland is the country that has been at the top for 12 consecutive years as the world's most innovative economy in 2022, followed by the United States, Sweden, the United Kingdom, and the Netherlands. While China is close to the top 10, and Turkey and India are in the first 40 places for the first time.
In Latin America, Chile is the most innovative country, ranking among the top 50 in the world, followed by Brazil and Mexico. Meanwhile, Colombia, Peru, and Argentina were among the first 70 worldwide, and they managed to improve their ranking in this edition of the index.
The report highlighted that investments in innovation increased much more in 2021, especially during the most difficult moment of the COVID-19 pandemic, with venture capital being the sector with the strongest growth. North America and Europe remain at the top, followed by Southeast Asia, East Asia, and Oceania, North Africa and West Asia, Latin America and the Caribbean, Central Asia, South Asia, and Sub-Saharan Africa.
WIPO's Global Innovation Index is a tool that provides important data on innovation, but it should not be seen as the ultimate classification of economies in terms of innovation. Innovation is a constantly changing landscape, and the index aims to track the main advances to help policymakers and innovators make informed decisions.
Changes in the Global Innovation Landscape
In terms of major changes in the world innovation landscape, the 2022 index revealed a significant shift within the top 15 most innovative economies, with the United States, Singapore, Germany, and China on the rise. Emerging powers of innovation, such as Turkey, India, and the Islamic Republic of Iran, continue to evolve, while Vietnam and the Philippines have stalled their progress for the time being. Additionally, there are first signs of innovation potential from Indonesia, Uzbekistan, and Pakistan, which, for the first time in 2022, stand out in the innovation results compared to what is expected for their level of development.
Conclusion
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