The World Economic Forum, WEF, has released its list of the world’s most innovative economies for the year, 2020 with Nigeria missing on the list for sub-Saharan Africa.
Top on the list is Switzerland, which also took the top spot last year, this year making it the 10th consecutive year Switzerland would occupy the spot, WEF said on Sunday.
The list, arranged in sub-continental order, names the first top three. In the sub-Saharan Africa listing, Mauritius, South Africa and the United Republic of Tanzania ranked highest with Mauritius beating-off South Africa for the top spot, WEF said in its release on Sunday.
WEF explained that index looks at a variety of factors, including R&D, ICT, and knowledge and technology outputs. The Global Competitiveness Report also looks at how innovative the world’s economies are.
The global organization explained also how it arrived at its ranking. The index is based on two sub-indices – the Innovation Input Sub-Index and the Innovation Output Sub-Index. The former looks at the elements of national economies that go into enabling innovative activities – such as research and development – while the latter looks at the results of these activities, for example creative goods and services.
An average of these two is then taken to give the overall score, with each given equal weighting.
The World Intellectual Property Organization’s (WIPO) latest Global Innovation Index ranks 131 economies on their innovation performance.
It added that WIPO is not the only organization to measure innovation. The World Economic Forum’s Global Competitiveness Report also looks at economies’ innovation capability.
Germany topped that in the 2019 edition of the report, with the US in second place and Switzerland third.