Singapore falls to eighth spot in global innovation index

But it is still the region's top-ranking economy ahead of Korea, Hong Kong, and China.

Singapore slipped three places to become the eight placer in the global innovation index (GII) 2019, a joint study by the World Intellectual Property Organisation (WIPO), Cornell University, and INSEAD.

Despite the country’s slip in rankings, the study noted of Singapore’s improved data coverage. It is also still the region’s top-ranked economy, followed by Korea, Hong Kong, and China.

“It maintains leadership in institution-related indicators, while becoming world leader in, knowledge-intensive employment, and strategic alliances deals,” the report said.
Switzerland retained its 2018 title to become the top rank in the GII 2019. It was hailed for its strong performance shown by excellent innovation outcomes including patent applications, IP receipts and high-tech manufacturing products.

Sweden jumped one spot whilst the US advanced three spots to land at the second and third places, respectively.

With studies of 129 countries and economy profiles, the GII 2019 is the average of two subindices including the innovation input sub-index which gauges elements of the national economy which embody innovative activities, and the innovation output sub-index which captures actual evidence of innovation results.