Germany is the most innovative

messe-hannover-103__v-modPremium
Image source: https://www.tagesschau.de/wirtschaft/innovation-deutschland-101.html

No other country in the world is as innovative as Germany. This is the result of a new study completed by the World Economic Forum (WEF). As the Foundation states in their latest Global Competitiveness Report, Germany ranks first as the world’s most innovative economy with 87.5 points, outperforming the United States with 86.5 points in second, and Japan with 79.2 points in third place. Decisive factors were for instance the number of patents filed, the number of scientific research papers published and consumer satisfaction.

What makes innovation so important for countries, is it’s potential for economic growth. “[T]hose countries which can go from idea generation to the successful commercialization of a product the most quickly, within a fertile ‘innovation ecosystem’ of various factors, will have the greatest productivity” (Whiting).

In addition to the five sub-pillars commercialization, interaction and diversity, administrative requirements, research and development, and entrepreneurial culture that measure the innovation ecosystem according to the World Economic Forum, a country’s ability to innovate is also determined by other factors, such as ICT adoption, quality of education and intensity of competition.

Innovation capacity is one of the twelve pillars according to which the World Economic Forum ranks a country’s competitiveness. The other pillars include for instance a country’s financial system’s strength, infrastructure, education system and health care system. Taking all twelve pillars into account Germany ranks third, after the United States and Singapore. Still not too bad after all.

The report stresses however, that competitiveness is not a zero-sum game between countries; it is not a competition. “All countries can become more productive at the same time. Improving education standards in Country A does not lower standards in Country B; tackling corruption in Country A does not make Country B more corrupt. Hence, the pursuit of national competitiveness does not undermine global cooperation – indeed, openness contributes to competitiveness” (Schwab 5).

To read the full Global Competitiveness Report 2018 click here.


Sources:

“Deutschland Ist Am Innovativsten.” Tagesschau.de, 17 Oct. 2018, http://www.tagesschau.de/wirtschaft/innovation-deutschland-101.html.

Dpa. “Deutschland Ist Spitze Bei Innovationen.” Frankfurter Rundschau, 17 Oct. 2018, http://www.fr.de/wirtschaft/weltwirtschaftsforum-deutschland-ist-spitze-bei-innovationen-a-1603076.

Schwab, Klaus. The Global Competitiveness Report 2018. World Economic Forum, 2018.

Whiting, Kate. “Germany Is the World’s Most Innovative Economy.” World Economic Forum, 18 Oct. 2018, http://www.weforum.org/agenda/2018/10/germany-is-the-worlds-most-innovative-economy/.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s