Sweden has been among the top three most innovative countries in the world for more than a decade in the ranking, which is released every year by the World Intellectual Policy Organisation, and which ranks countries by tracking 81 indicators from international public and private sources.
“Sweden is now one of the world’s most innovative countries,” said the country’s innovation minister Ibrahim Baylan. “An important aspect of this is our unique ability to cooperate between the business world, academia, civil society and the government and join forces to find solutions for the challenges of our society.”
The next best performing Nordic country was Finland in seventh place, followed by Denmark in ninth place.
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Switzerland has been ranked the most innovative country for 11 years running.
But the stability at the top of the ranking masked the rapid progress of countries lower down in the ranking, said INSEAD Distinguished Fellow and report co-author Bruno Lanvin.
“Changes happening among the top economies are quite remarkable,” he said in a press release. “In addition to Republic of Korea’s spectacular jump (from 10th to fifth place), the continuation of progress made last year by France (11) and China (12) are confirmed, as both are now knocking at the door of the GII top 10.”
“Those three examples underline the continued importance of governmental policies and incentives to stimulate innovation. Altogether, COVID did not disrupt the trends identified in 2019-2020, as financing (public and private) continued to remain relatively abundant for innovative firms, even outside the health and bio-sciences fields.”