Geneva, Switzerland /
China moved up one place to 11th place in the ranking of the world’s most innovative economiesmaking it one of the fastest growing in the last decade, according to the global innovation index (GII) 2024, published this Thursday by the World Intellectual Property Organization (WIPO).
China is still the only middle-income economy in the top 30, while Switzerland, Sweden, United States, Singapore and United Kingdom They are the best-placed innovative economies in the world, according to the GII.
The 17th edition of the index, which serves as a key reference for global innovation trends, reveals that, despite the rapid rise of some countries, The overall innovation landscape faces several challenges.
Venture capital funding down by around 40% in 2023a reversal of the boom recorded between 2020 and 2022. In addition, the R&D spending growth has slowedwhich adds to a decrease in both international patent applications and scientific publications.
“However, Technological advancement remained strong in 2023, especially in health-related fieldssuch as genome sequencing, but also in areas such as computational processing capacity and electric batteries,” said the WIPO Director General Daren Tang.
“Technology adoption has also intensified, especially in sectors such as 5G technology, robotics and electric vehicles.. “Furthermore, this year’s Global Innovation Index reveals positive trends in key indicators, including reductions in global poverty and improvements in labor productivity and life expectancy,” he added.
FCA
