Philippines Ranked as the 50th Most Innovative Economy
In this year’s Global Innovation Index 2020, the Philippines joins China, China, Vietnam, and India to become one of the four Asian countries with the most significant progress.
Despite the threats of the COVID-19 pandemic, the Philippines improves to rank 50th out of the 131 countries in the Global Innovation Index 2020. The report dubbed the current placing as the country’s “best rank ever” where the Philippines significantly improved from its 54th ranking in last year’s report.
Moving up four places from 54th in 2019 and 23 places from its 73rd ranking in 2018; the 2020 report stated that the Philippines performed on innovation above expectations for its level of economic development for the second consecutive year.
According to the 2020 report, the Philippines significantly improved in the areas of innovativeness of its business sector and the innovation outcomes produced by its investments, with the levels of outcomes that even surpassed some high-income economies. Compared to other economies in Southeast Asia, East Asia, and Oceania, the country performed above average in the pillars of business sophistication and knowledge and technology ranking 11th among the 17 economies in the said region.
The Global Innovation Index is a leading reference for measuring an economy’s innovation performance. Moving into its 13th edition in 2020, the Global Innovation Index, prepared by Cornell University, INSEAD, and the World Intellectual Property Organization (WIPO), has evolved into a valuable benchmarking tool that facilitates public-private dialogue and that helps policy-makers, business leaders, and other stakeholders to evaluate their innovation progress on an annual basis. It ranks world economies, a total of 131 countries, according to their innovation capabilities.
The top 10 countries in the Global Innovation Index 2020 includes Switzerland, Sweden, the United States, United Kingdom, Netherlands, Denmark, Finland, Singapore, Germany and South Korea.