Singapore is now the seventh most progressive economy on the earth, up one place from its position in 2021.
The World Intellectual Property Organization (Wipo) and the non-profit research organization Portulans Institute have published a report entitled Global Innovation Index 2022, which presents the rankings.
The report ranked 132 economies based on their propensity to innovate and their success in using them.
This yr, Switzerland’s economy stays one of the best on the earth. The United States, Sweden, the United Kingdom and the Netherlands round out the highest five countries in that order.
South Korea, after falling barely from fifth place last yr, now ranks sixth on the earth. It retained the highest spot in Southeast Asia, East Asia and Oceania, with Singapore remaining in second place. Hong Kong is in fifth place, Japan in fourth and China in third.
China moved up one position to eleventh on the earth. The only middle-income economy still in the highest 30 is that this one.
The rating relies on two broad areas: innovation inputs and outputs.
Components of the economy called innovation expenditure support progressive activity. These include payments made for mental property, access to information and communication technologies and the efficiency of economic management.
The actual results of progressive activities within the economy are called innovation products. These include creative outputs, corresponding to the quantity of creative goods exported, in addition to knowledge and technology outputs, corresponding to high-tech exports.
Singapore continues to guide the world when it comes to contribution. The Lion City also ranked in the highest 10 for the next innovation pillars: Institutions (first), Human Capital and Research (seventh), Market Sophistication (fourth), and Business Sophistication (fourth) (second).
Singapore was ranked eleventh, thirteenth and twenty first within the categories of infrastructure, knowledge and technology scores and creativity scores, respectively.
The Republic ranks first on most institutional input variables, including political and operational stability, the power to create and implement sound policies to support private sector development, and government effectiveness.
It also performed well on other input indicators, corresponding to high-tech imports and the share of science and engineering graduates.
Rena Lee, chief executive of the Intellectual Property Office of Singapore, said in an announcement on Thursday that Republic’s improved performance in business and market sophistication indices confirms Republic’s strong performance in traditionally reliable indicators, including institutions and infrastructure, human capital and research.
Singapore’s high rankings on these measures “underline Singapore’s position as a contemporary services center with a supportive environment for progressive domestic and international enterprises.”
However, Singapore’s production rating dropped one place to 14th, reflecting the country’s dismal performance in areas corresponding to domestic feature film production volume and trademark filings.
According to the Straits Times, Wipo CEO Daren Tang said in an announcement that investment in innovation increased in 2021 despite the Covid-19 pandemic.
However, he stated that global uncertainty, including attributable to disruptions in supply chains, in addition to a slowdown within the transformation of investments into discoveries that increase economic production, casts a shadow over forecasts for 2022.
In this regard, he stated: “We must pay more attention not only to investing in innovation, but additionally to the way it translates into economic and social impacts.
According to the article, there could also be two distinct waves of innovation: one driven by advances in supercomputing, artificial intelligence and robotics, and the opposite driven by developments in biotechnology, nanotechnology, novel materials and other disciplines.
However, it noted that the useful effects of the waves will take time to manifest as there are still challenges to resolve in areas corresponding to technology implementation.
Report co-editor and co-founder of the Portulans Institute, Bruno Lanvin, said: “We have a shared responsibility to attract the teachings from the recent crises to place this revolution on target and adapt it to the long run we wish.”
Source: StraitsTimes.com, SBR.com.sg
