Singapore is fifth in 2018's Global Innovation Index
Singapore is fifth in 2018's Global Innovation Index
Kenya Ranked 3rd in Global Innovation Index in Sub-Saharan Africa
13 July, 2018, 22:42
A new report released Tuesday ranked Kenya as the 78th most innovative economy in the world and third in Sub-Saharan Africa.According to the "Global Innovation Index 2018", South Africa takes the top spot among all the economies in Sub-Saharan Africa at position 58th globally, followed by Mauritius and Kenya at position 75th and 78th respectively.
The United States fell from fourth in 2017 to sixth this year, while China jumped from 22nd to 17th.
Rounding out the GII 2018 top ten: The Netherlands, Sweden, the United Kingdom, Singapore, United States of America, Finland, Denmark, Germany and Ireland.
"In absolute values, and in areas such as research and development expenditures and the number of researchers, patents and publications, China is now first or second in the world, with volumes that overshadow most high-income economies", it read.
"China's rapid rise reflects a strategic direction set from the top leadership to developing world-class capacity in innovation and to moving the structural basis of the economy to more knowledge-intensive industries that rely on innovation to maintain competitive advantage", WIPO Director General Francis Gurry said in a statement.
Mr Daren Tang, chief executive of the Intellectual Property Office of Singapore, said in a statement: "Innovation is becoming a driving force in our economy and globally".
The index compilers also noted that some middle-and lower-income economies, such as Indonesia, Malaysia, Thailand and Vietnam, continue to move up the ranking in terms of innovation and "perform significantly better on innovation than their level of development would predict".
Among lower middle-income economies, India moved up to the fifth position in the GII rankings.
In the GII report 2017, Vietnam was at the 47th place among 127 economies over the world.
"Given its size and innovation development, India has the potential to make a true difference to the global innovation landscape in the years to come".
The report recommended that more investment be channelled towards the production of clean/green energy as it is projected that by 2040, the world will need about 30% more energy than it requires today. It includes India's human capital (graduates in science & engineering), growth rate of GDP per worker, exports of information and communication technology (ICT) and services, productivity growth and creative goods exports among others.
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