Date
22 October 2017
South Korea is considered to be a leader in value-added manufacturing and technological innovation. Photo: Bloomberg
South Korea is considered to be a leader in value-added manufacturing and technological innovation. Photo: Bloomberg

South Korea ranked world’s most innovative economy

South Korea is the word’s most innovative economy, followed by Germany, Sweden, Japan and Switzerland, according to the latest Bloomberg Innovation Index.

South Korea notched top scores worldwide for manufacturing value-added as well as for tertiary efficiency, and was in the second place in R&D intensity, high-tech density and patent activity.

Tertiary efficiency is a measure that includes enrollment in higher education and the concentration of science and engineering graduates.

The Asian tech powerhouse was ranked sixth in terms of researcher concentration.

Under its Innovation Index, Bloomberg ranks economies using factors such as research and development spending and concentration of high-tech public companies.

South Korea is “squeezed between low-wage China on the one hand and more technologically advanced Japan on the other, so there’s this sense of anxiety, or a certain degree of urgency, about maintaining this performance,” Marcus Noland, director of studies at the Washington-based Peterson Institute for International Economics, told Bloomberg.

Rounding out the top 10 under the Innovation Index were Singapore, Finland, the United States, Denmark and France.

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