A new report from the World Economic Forum ranking 148 economies around the world shows a strong link between innovation and economic competitiveness.
Here's the top 10 most competitive economies, according to WEF's Global Competitive Index, determined by the strength of factors such as infrastructure, higher education, and technological readiness:
Of note, the United States moved up two places after a four-year slide. Germany, Hong Kong SAR, and Japan also increased their standing, while Netherlands, Sweden, and United Kingdom all lost ground. And here are the leading economies of regions not represented in the top 10:
- Middle East and North Africa: Qatar (13th)
- BRICS: People’s Republic of China (29th)
- Latin America: Chile (34th)
- Sub-Saharan Africa: Mauritius (45th)
“Innovation becomes even more critical in terms of an economy’s ability to foster future prosperity,” said Klaus Schwab, Founder and Executive Chairman of the World Economic Forum. “I predict that the traditional distinction between countries being ‘developed’ or ‘less developed’ will gradually disappear and we will instead refer to them much more in terms of being ‘innovation rich’ vs. ‘innovation poor’ countries. It is therefore vital that leaders from business, government and civil society work collaboratively to create education systems and enable environments which foster innovation.”
Go here for much more data and a look at every economy's competitiveness data.