Israel among top five most innovative countries on the globe

OWN CORRESPONDENT

Israel has officially overtaken the United States on this front, which is now number eight. It is also ahead of Singapore, Sweden, and Japan (sixth, seventh, and ninth respectively).

South Korea remains in the top spot, with Germany, Switzerland, and Finland taking the second, third, and fourth places.

The list was published on Tuesday, as global and business leaders meet at the annual World Economic Forum in Davos, Switzerland. There, they discuss the world’s most pressing financial and economic issues, and how innovation can help solve problems and increase prosperity.

The index – in its seventh year of publication – is based on seven categories, including research and development spending, patent activity, manufacturing capability, and the concentration of high-tech public companies.

Patent activity boosted Israel’s score this year, according to Times of Israel. For research and development (R&D) intensity – defined as R&D expenditure as a percentage of gross domestic product – Israel came first. However, it was way behind when it came to manufacturing added value.

Israel came second for researcher concentration, which is defined as professionals engaged in R&D per population, and fifth for high-tech density, which is the number of high-tech public companies in Israel. It came forth for patent activity.

Not bad for a country that is smaller than the Kruger National Park, and only 70 years old!

• (Additional reporting from Times of Israel)