Global Innovation Index 2017

The Global Innovation Index 2017 was released the other day. Pretty typical results for Australian in these types of rankings, we fell from 19th in the world in 2016 to 23rd in 2017. The top spots were held by the 'usual suspects', including Singapore, South Korea, Japan, etc. in Asia-Pacific. Most interestingly, China climbed from 25th spot in 2016 to 22nd in 2017 (that's right AHEAD of Australia).

As with most rankings like this, the methodology behind it needs to be considered when evaluating the results. The figure below highlights the conceptual framework for the index and shows a broad base of indicators feeding into the overall index. The detail considered is impressive and shows the breadth of innovation across an economy, not solely how much we spend on research & development (the traditional measure).

Figure 1 Global Innovation Index Conceptual Framework

Source: WIPO (2017)

How innovative is your economy? To discuss how to encourage greater levels of innovation in your economy, get in touch with us (info@lucideconomics.com.au, 1-800-940-990).

Download a copy of the Global Innovation Index 2017 here.