The Global Innovation Index 2021 is released by the World Intellectual Property Organization, evaluating innovation levels across 130 countries. The 2021 Index has found that innovation is flourishing in some sectors despite economic slowdown across significant economies in the world amidst the global pandemic.
The World Intellectual Property Index (WIPO) releases the Global Innovation Index in partnership with Portulans Institute and other corporate partners like the Brazilian National Confederation of Industry, Confederation of Indian Industry, Ecopetrol and Turkish Exporters Assembly.
The index ranks economies of the world following their innovation capabilities. The Global Innovation Index mainly consists of 80 indicators divided into Innovation Inputs and Innovation Outputs.
Innovative inputs generally consist of mainly the institutions, Human Capital & Research, Infrastructure, Market Sophistication, Business Sophistication, and a few.
This section considers the Knowledge and Technology Outputs and Creative Outputs.
According to the index released by WIPO, Switzerland topped the rankings with a score of 65.5 out of 100, followed by Sweden, the US and the UK with an overall score of 63.1, 61.3 and 59.8, respectively. Switzerland has been adjudged the world leader in innovation for the eleventh time.
South Korea is one of the biggest ranking winners, which has climbed five spots, i.e. from rank 10 in 2020 to rank 5 in 2021. World's most prosperous country China has also been adjudged as the 12th most innovative nation from the ranking of 14 in 2020 and 2019. At the same time, China also named the most innovative upper-middle-income country globally. Vietnam came first for lower-middle-income countries with 44, followed by India in the 46th position.
Four Asian countries have featured among the top 15 innovative nations in the index. They are Singapore with rank 8, China with rank 12, Japan with rank 13 and Hong Kong with an overall grade of 14.
Some of the top findings of the Global Innovation Index are as follows: