Asia trails on innovation

Graphic by Raffy De Guzman

A recent study shows Asia lags behind when it comes to innovation, with Asian economies averaging weaker institutions, human capital and research than North America and Europe. The Global Innovation Index 2013 shows Southeast Asia trailing behind Europe and North America in a report on 142 economies.  No Asian country made it to the top 5 most innovative economies in the world. The study looked at 84 measures like university performance, infrastructure, institutions and venture capital.

Hong Kong was the highest ranked Asian economy in the study at 7th, followed by Singapore at 8th, down from 3rd in 2012. The world’s top 25 most innovative economies did not change at all in the last year, although they have switched rankings among themselves. Switzerland once again emerges the world leader in innovation largely due to its  knowledge-based economy and high GDP per capital. Rounding up the top 5 are Sweden, the United Kingdom, the Netherlands, and the United States.

Read the full story on Wall Street Journal

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