South Korea – Most Innovative Country in the World
South Korea remains at the top, yet again, as the most innovative country in the world according to 2019 Bloomberg Innovation Index. Since 2014, South Korea kept its number one spot in the ranking for six consecutive years.
Researchers compiled and analyzed seven metrics from 50 countries – research and development intensity, manufacturing value, productivity, high-tech density, researcher concentration, level of education, and patent activity.
Highly-concentrated multinational conglomerates have a major impact on South Korea’s innovation.
Bloomberg credits Samsung – South Korea’s largest multinational conglomerate – for its significant contribution to South Korea’s innovative culture; nearly 20% of South Korea’s GDP consists of Samsung’s revenue.
The second and third place went to Germany and Finland respectively.
While Germany only needed .08 point to tie with South Korea (South Korea, 87.38; Germany, 87.30) and seems like a top contender who could dethrone South Korea in the coming years, some experts believe that Germany’s score this year may have been a coincidence.
Europe, in general, is struggling to find skilled workers, and its changing immigration policies are hindering economic growth according to Juergen Michels, chief economist of Bayerische Landesbank.
US moved up three spots to eighth place this year after dropping out of the top 10 for the first time in 2018 due to its low score on education.