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South Korea tops the top ten innovation leaders, and the US is not included. Russia took 24th place
03.02.2021 [11:24],
Alexey Razin

Bloomberg, according to various international organizations, has compiled a rating of countries by the level of innovation, South Korea once again topped it, and the United States did not make it into the top ten at all. The previous leader of the rating was Germany, but it also slipped to fourth position.

Image source: Bloomberg

South Korea, as noted by the primary source, manages to lead the rating for seven of the nine years of its existence. The list is compiled at the beginning of each year, in this Singapore has risen from third place to second, and Switzerland took third instead of fourth, giving way to Germany. The ranking takes into account many factors, including R&D spending, manufacturing capabilities, and high-tech company concentration.

South Korea reached the top of the rankings, not least due to its activity in the patent field, although the country’s development and production potential also played an important role. Singapore took second place due to success in digital transformation, development of production and educational base. Switzerland has achieved its success through research in biotechnology and advances in the financial sector.

Germany was let down, according to experts, by the lack of a sufficient number of skilled labor and a coherent strategy for the development of next generation technologies. The United States led the index in 2021, but has slipped to eleventh place this year. The country lags behind competitors in the field of science and engineering disciplines, and the achievements of the US educational system are not impressive.

China in the new edition of the list dropped from 15th to 16th place, as the country has to resist the onslaught of US sanctions aimed at limiting the technological development of the PRC. The relocation of production facilities to Vietnam, India and Bangladesh made the situation worse, although the Chinese economy recovered very quickly from the impact of the pandemic.

Uruguay made it to the top 50 in terms of innovation for the first time since the ranking, and India has achieved this for the first time since 2021. Algeria and Argentina continued their fall. In total, when compiling the rating, data from 111 countries were used. Russia in the current version of the rating has risen by two positions from 26th to 24th place, having exchanged positions with the Czech Republic.

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