Nordic countries must be doing something right: Sweden, Finland and Denmark all advanced to higher rankings in the 2017 Bloomberg Innovation Index, which scores economies using factors including research and development spending and the concentration of high-tech public companies. Hungary is ranked 27th.
South Korea remained the big winner, topping the international charts in R&D intensity, value-added manufacturing and patent activity and with top-five rankings in high-tech density, higher education and researcher concentration.
Sweden wins silver medal, owing most of its rise to improvement in the manufacturing value-added metric, swapping places with Germany. Finland cracked into the top five this year, jumping two spots in large part because of the rise of high-tech firms in the country. Bloomberg reported
The innovation index ranks economies in seven categories: R&D intensity, value-added manufacturing, productivity, high-tech density, tertiary efficiency, researcher concentration and patent activity.
Japan, where the yen is still struggling to recover from an almost two-year slide, dropped the most of any economy in the top 25, moving to No.7 from No.4 as they lost their best-in-world distinction for patent activity, Bloomberg said.
Hungary is ranked 27th, three spots higher than in 2016, which is the biggest improvement achieved. Other countries advancing three places include Belgium (13), Netherlands (15), New Zealand (19), Iceland (25), the Czech Republic (28), Greece (30) and Slovakia (36). Cover photo by: MTI/ Boglárka Bodnár