According to the Bloomberg Innovation Index 2020, Germany is the most innovative nation of the world. After six years on top position, South Korea was ranked second followed by Singapore, Switzerland and Sweden. Germany scored three top-five rankings in value-added manufacturing, high-tech density, and patent activity. Altogether, the index in its eighth year, encompasses dozens of criteria that contribute to seven indicators.
“The manufacturing sector is still highly competitive and a source for innovation,” Carsten Brzeski, chief economist at ING Germany, commented. “Germany’s performance in such indicators is still strong and much better than the recent economic weakness would suggest.” Car making industry accounts for Germany’s status as a manufacturing giant. However, trade conflicts, pollution concerns in addition to slowing economies have weighed on demand.
The top ten positions are dominated by European countries including Israel on sixth and the United States on ninth position. Among the 60 states of the published index, there are only few Southeast Asian nations with Singapore on position 3, Malaysia on 27, Thailand on 40, and Vietnam on 57. By contrast, Japan ranks on 12th position and China on 15th.
For more information about the Bloomberg Innovation Index, please click here.