For the 13th year in a row, Switzerland is the most innovative economy in 2023 followed by Sweden, the United States, the United Kingdom, and Singapore. Discover how other economies are performing in the Global Innovation Index 2023 rankings.
This year, Sweden has overtaken the United States and has climbed to second position. Singapore has entered the top five and has taken the leading position among South East Asia, East Asia, and Oceania (SEAO) region economies.
The US, Singapore, and Israel topped the highest number of indicators. Singapore continued to top 11 out of 80 indicators, including government effectiveness, information and communications technology (ICT) access, and venture capital (VC).
The report noted that five other SEAO economies – South Korea, China, Japan, Hong Kong, and Australia – topped key innovation indicators, such as labour productivity growth in the case of China, and production and export complexity in the case of Japan.
Globally, corporate research and development expenditure reached a historic high of US$1.1 trillion (S$1.51 trillion) in 2022, primarily driven by ICT companies.
“While many governments still struggle with the massive amounts of public debt accumulated during Covid-19, the business sector has continued to increase its levels of innovation,” said Mr Bruno Lanvin, an Insead distinguished fellow and co-editor of the GII.