(18.10.2023) The Swiss economy has managed to retain its innovation edge. The country retained first place for the thirteenth consecutive year, while Sweden overtook the United States for second position, according to the World Intellectual Property Organization (WIPO) 2023 Innovation Index.
With a score of 67.6, Switzerland is significantly above Sweden (64.2) and the United States (63.5). Globally, the United Kingdom secured fourth position, rounding out the podium of the most innovative European economies. Notably, China ranked 12th, standing as the sole upper-middle-income country among the top 30 in the ranking.
As in 2022, the Swiss economy stood out, especially in terms of creativity (1st), knowledge and technology (1st). Institutions were also praised (2nd), together with infrastructure (4th).
The index evaluates innovation in more than 130 countries using 80 indicators. In a context marked by a sluggish economic recovery, high-interest rates, and geopolitical conflicts, the report signaled a sharp decline in venture capital investments, casting a shadow of a funding shortage for young enterprises.
However, WIPO indicates that innovative activity is currently resilient. Companies considered the largest investors in research and development (R&D) increased their spending in this area by 7.4% (to $1.1 trillion) in 2022. Public spending on R&D has also increased in real terms.
Several countries in the global South outperformed expectations. India, Moldova, and Vietnam exceeded innovation forecasts for the thirteenth consecutive year. Brazil continued to achieve results above expectations (for the third time in three years), joined by Indonesia, Pakistan, and Uzbekistan (for the second consecutive year).
Last modification 18.10.2023
