SINGAPORE has moved up two spots to fifth place in the Global Innovation Index (GII), leading the South-east Asia, East Asia and Oceania (SEAO) region.
Switzerland retained the crown for the 13th year in a row in the ranking published by the World Intellectual Property Organisation (Wipo). Sweden moved up a spot to second place, and the US down a spot to third. The UK took fourth place.
The GII is a global ranking of the world’s most innovative economies. This year, the index used 80 indicators to track innovation trends in 132 economies.
The US, Singapore and Israel topped the highest number of indicators. Singapore continued to top 11 out of 80 indicators, including government effectiveness, information and communications technology (ICT) access, and venture capital (VC).
The report noted that five other SEAO economies – South Korea, China, Japan, Hong Kong and Australia – topped key innovation indicators, such as labour productivity growth in the case of China, and production and export complexity in the case of Japan.
Globally, corporate research and development expenditure reached a historic high of US$1.1 trillion in 2022, primarily driven by ICT companies.