Sub-Saharan African countries like South Africa, Kenya, Mauritius and Rwanda have encouraged innovations to stimulate the growth of their economies and spread prosperity, says the 2018 Global Innovation Index report launched in Nairobi and NY on Tuesday. The US fell from fourth place in 2017 to sixth this year, while China jumped from 22nd to 17th in the rankings.
The Netherlands, Sweden, the United Kingdom, Singapore, United States of America, Finland, Denmark, Germany and Ireland rounded GII 2018 top ten. They measured countries based on 80 indicators, from intellectual property filing rates and mobile-application creation, to education spending and scientific and technical publications.
The 2018 Global Innovation Index notes that supportive infrastructure and human capital have created an innovation ecosystem that has facilitated growth and competitiveness of African economies.
Wipo director general Francis Gurry said: "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".More news: Canada To Lead NATO Training Mission In Iraq
WIPO is a specialised agency of the United Nations.
A group of middle- and lower-income economies perform significantly better on innovation than their level of development would predict.
Africa's most innovative economies were able to attract higher foreign direct investments that translated into more jobs for the youth and increased revenue streams to support social sectors like education and health.
According to the report which ranked at least 126 countries, Kenya has since 2012 been achieving a high level of innovation with respect to its level of development and thus emerging 78th in the list.More news: Europe 'better watch themselves' on immigration
If only measuring the Innovation Input Sub-Index the Philippines landed the 8th spot out of 30 lower-middle income economies this year.
The theme of the 2018 GII edition is "Energizing the world with innovation", looking at the need for expanded innovative work in climate-friendly green technology amid rising energy demands worldwide.
"Being ranked fifth in a credible global study gives greater impetus for our enterprises and entrepreneurs to keep using innovation and leveraging their intangible assets to grow from Singapore to the world". India's Confederation of Indian Industry (CII) is one of the knowledge partners which assists the GII team in bringing out the annual ranking.More news: In Egypt discovered mysterious giant sarcophagus head
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