Singapore has overtaken European countries comparable to Germany and Switzerland within the 2018 Bloomberg Innovation Index, in accordance with a January 23 report.
The annual index ranks countries based on seven criteria, including research and development spending, productivity and concentration of public high-tech corporations.
Singapore got here in third this yr, while South Korea retained its position because the index leader for the fifth yr in a row. Sweden also maintained its position within the index from last yr, coming in second.
Singapore’s position improved three places in comparison with 2017, when it was ranked sixth on the earth.
According to Bloomberg, Singapore has overtaken European countries comparable to Germany and Finland due to its leading position within the service efficiency category.
“Singapore has always placed great emphasis on educating its people, especially in science, technology, engineering and mathematics (STEM),” said Yeo Kiat Seng, professor and vice-chancellor of the Singapore University of Technology and Design, as quoted by Bloomberg.
South Korea, meanwhile, maintained its leadership position due to Samsung Electronics Co.’s quite a few U.S. patents and its entry into the digital multimedia, semiconductor and smartphone markets.
Japan, considered one of three Asian countries in the highest ten rankings, moved up one spot from 2017 to sixth place.
According to Bloomberg, the United States has dropped out of the highest ten index for the primary time in six years.
China ranked nineteenth within the index, up two spots from a yr ago. The rise was attributed to a high share of recent science and engineering graduates within the workforce and a growing variety of patents amassed by corporations comparable to telecommunications company Huawei Technologies Co.
Malaysia, Hong Kong and Thailand also managed to search out itself in the highest 50 of the index.
Malaysia ranked twenty sixth, dropping three spots from a yr ago. Hong Kong’s position dropped two spots to thirty seventh since last yr, while Thailand dropped one spot within the index to forty fifth.
Source: https://www.channelnewsasia.com/news/singapore/singapore-ranks-third-in-innovation-rankings-south-korea-tops-9886414
