Sweden and Singapore is ranked among the top five most innovative economies in the Global Innovation Index 2024, which is an annual ranking of countries by their capacity for, and successes in, innovation.
The report, published by The World Intellectual Property Organization, highlights a global slowdown in innovation investments, with venture capital funding dropping by 40% in 2023 and research and development expenditures declining.
Despite this, Sweden and Singapore continue to excel in innovation, helping drive technological progress in areas like health, computing, and electric vehicles.
“At WIPO, we see a growing interest in innovation from around the world. More and more countries are realizing that unleashing the innovation potential of their people is critical to growth and development, as well as addressing local and global challenges,” says WIPO General Director Daren Tang.
Finland and Denmark also had high rankings in the Global Innovation Index, making it to the top ten, while countries like Vietnam, China and the Philippines are the fastest 10-year climbers.
Here is this year’s top 20 list:
Source: WIPO
