Bloomberg announced on Jan. 19 that Korea topped the Bloomberg Innovation Index for this year, scoring 91.31 points.
It was followed by Germany (85.54), Sweden (85.21), Japan (85.07), Switzerland (84.96) and Singapore (84.54). The United States and China ranked eighth and 21st, respectively.
By specific item, Korea ranked first in the efficiency of higher education and added value of manufacturing. It took second place when it comes to R&D and technical concentration and patent registration along with sixth in researcher distribution. Still, it took 39th place in productivity behind Slovakia (38th) and Estonia (34th).
Korea has been on the top of the list for three years in a row since 2014. This year, it scored approximately six more points than Germany. “Korea is stuck between China of low labor cost and Japan, a technological powerhouse of the world,” said Dr. Marcus Noland at the Peterson Institute for International Economics, adding, “It seems that Korea is anxious to keep its position in the international arena.”