SINGAPORE: Singapore has leapt two spots to secure the fifth position in the World Intellectual Property Organization’s (WIPO) 2023 Global Innovation Index (GII). This ascent marks a significant resurgence for the city-state as it overtakes South Korea, regaining its status as Asia’s leading innovator.
Singapore has consistently trailed behind South Korea in the GII rankings for the past two years. However, this year, South Korea faced a decline, dropping four positions to land at the 10th spot, while Singapore’s ranking surged.
The top four countries on the GII leaderboard for 2023 remain unchanged from the previous year, with Switzerland securing the top position, followed by Sweden, the United States, and the United Kingdom.
The GII, a comprehensive global ranking that assesses economies’ innovation capabilities worldwide, scrutinized 132 economies this year. It employed an extensive array of 80 indicators to track innovation trends, focusing on factors contributing to each nation’s innovation ecosystem.
Notably, the United States, Singapore, and Israel emerged as frontrunners in excelling across the highest number of these indicators. Singapore, in particular, continued its reign by clinching the top position in 11 out of the 80 indicators. These areas of excellence encompassed government effectiveness, access to information and communications technology (ICT), and a thriving venture capital (VC) environment.
Singapore’s dominance extended beyond these individual indicators. It also stood out by ranking first in innovation investment and showcased its strength by performing well across multiple indices.
The nation’s innovation output, for instance, ascended to the 12th position in the global rankings, marking an impressive two-spot increase. Multiple indices that gauge various facets of innovation have also demonstrated marked improvements, further solidifying Singapore’s reputation as an innovation hub.