The World's Most Innovative Countries Revealed
The Global Innovation Index (GII) 2024, brought to you by the World Intellectual Property Organization (WIPO), has ranked 133 economies based on their innovation capabilities and performance. This year's report highlights the shifting landscape of global innovation leadership, with a particular focus on emerging economies challenging the traditional leaders.
To provide a visual representation of this year's GII results, Visual Capitalist's Marcus Lu created a global heatmap of each economy's score. Lower scores are represented by darker shades of blue, which transition to green and then yellow as the scores increase.
Understanding the Methodology
The GII evaluates each economy based on seven underlying innovation pillars, which collectively comprise 78 indicators. The overall GII scores, as shown in the above graphic, are derived from the average scores of these seven pillars.
The Most Innovative Countries in 2024
The following table includes all the data used to create the above graphic. For the 14th year in a row, Switzerland has been named the world's most innovative country.
The United States, similar to last year, holds the third position in the GII. It ranked highest in Market Sophistication and Business Sophistication, but its overall score was impacted by its lower rank in Infrastructure.
This year's GII has highlighted innovation overperformers, which are countries that perform above expectations relative to their level of development. The top three in this category are India, Moldova, and Vietnam. All three of these economies have consistently overperformed since 2011.
Additional Key Insights
The GII 2024 also offers valuable insights into the current state of global innovation. Here are some key takeaways:
- Technological progress: The rate of progress in green technologies is falling behind the average growth for the decade. Reducing the energy consumption of supercomputers remains a significant challenge.
- Technology adoption: There is an increasing penetration of 5G, robotics, and electric vehicles.
- Socioeconomic impact: Mixed progress is reported in the GII, partly due to the COVID-19 pandemic. For instance, poverty levels are higher than those recorded in 2018, while life expectancy remains at 2015 levels.
Bottom Line
The Global Innovation Index 2024 provides a comprehensive overview of the state of innovation across the globe. It's clear that some countries are leading the way, while others are making significant strides in their innovation capabilities. The impact of technology adoption and the socioeconomic effects of the COVID-19 pandemic also play a crucial role in shaping the innovation landscape.
What are your thoughts on these findings? Do you agree with the rankings? Feel free to share this article with your friends and engage in a discussion. Don't forget to sign up for the Daily Briefing, delivered every day at 6pm.
The World's Most Innovative Countries Revealed
The Global Innovation Index (GII) 2024, brought to you by the World Intellectual Property Organization (WIPO), has ranked 133 economies based on their innovation capabilities and performance. This year's report highlights the shifting landscape of global innovation leadership, with a particular focus on emerging economies challenging the traditional leaders.
To provide a visual representation of this year's GII results, Visual Capitalist's Marcus Lu created a global heatmap of each economy's score. Lower scores are represented by darker shades of blue, which transition to green and then yellow as the scores increase.
Understanding the Methodology
The GII evaluates each economy based on seven underlying innovation pillars, which collectively comprise 78 indicators. The overall GII scores, as shown in the above graphic, are derived from the average scores of these seven pillars.
The Most Innovative Countries in 2024
The following table includes all the data used to create the above graphic. For the 14th year in a row, Switzerland has been named the world's most innovative country.
The United States, similar to last year, holds the third position in the GII. It ranked highest in Market Sophistication and Business Sophistication, but its overall score was impacted by its lower rank in Infrastructure.
This year's GII has highlighted innovation overperformers, which are countries that perform above expectations relative to their level of development. The top three in this category are India, Moldova, and Vietnam. All three of these economies have consistently overperformed since 2011.
Additional Key Insights
The GII 2024 also offers valuable insights into the current state of global innovation. Here are some key takeaways:
- Technological progress: The rate of progress in green technologies is falling behind the average growth for the decade. Reducing the energy consumption of supercomputers remains a significant challenge.
- Technology adoption: There is an increasing penetration of 5G, robotics, and electric vehicles.
- Socioeconomic impact: Mixed progress is reported in the GII, partly due to the COVID-19 pandemic. For instance, poverty levels are higher than those recorded in 2018, while life expectancy remains at 2015 levels.
Bottom Line
The Global Innovation Index 2024 provides a comprehensive overview of the state of innovation across the globe. It's clear that some countries are leading the way, while others are making significant strides in their innovation capabilities. The impact of technology adoption and the socioeconomic effects of the COVID-19 pandemic also play a crucial role in shaping the innovation landscape.
What are your thoughts on these findings? Do you agree with the rankings? Feel free to share this article with your friends and engage in a discussion. Don't forget to sign up for the Daily Briefing, delivered every day at 6pm.
