Compiled by World Intellectual Property Organization (WIPO), Cornell University and France's INSEAD business school, the innovation study is described as a “detailed quantitative tool that helps global decision makers better understand how to stimulate the innovative activity that drives economic and human development”.
Meanwhile, Sweden held onto its title in the same list for having “the world's most innovative economy” for the ninth year in a row.
“Global competition is constantly increasing, not least from Asia. It is more important than ever to increase knowledge about intangible assets such as unique expertise, technology and brands, and how best to utilize and protect them,” said Peter Strömbäck, director general of the Swedish Patent and Registration Office, in a statement.
The ranking looks at over 80 indicators ranging from rule of law, patent applications, to knowledge and technology outputs and even Wikipedia edits.
According to the report, there is continued progress in innovation across the world, with particularly notable advances in Asia including China and South Korea, as well as Vietnam, Thailand, India and the Philippines.