Singapore is now the seventh most innovative economy in the world, up one spot from its 2021 ranking.
The rankings are in accordance with the Global Innovation Index 2022, a report released by the World Intellectual Property Organisation (Wipo) and non-profit research firm Portulans Institute on Thursday. The report ranks 132 economies according to their capacity for and success in innovation.
Switzerland remains at the top while the rest of the top five are, in descending order, the US, Sweden, Britain and the Netherlands.
South Korea drops one spot to No. 6 in global ranking but retains its top spot in the South-east Asia, East Asia and Oceania region. Singapore remains second, China third, Japan fourth and Hong Kong fifth.
Globally, China improved by one spot to No. 11 and remains the only middle-income economy in the top-30.
The ranking is based on two broad areas: innovation inputs and outputs.
Innovation inputs are factors in an economy that enable innovative activities. They include the effectiveness of an economy's government, access to information and communications technology, and intellectual property payments.
Innovation outputs refer to the actual results of innovative activities in an economy. They include knowledge and technology outputs such as high-tech exports, as well as creative outputs like the amount of creative goods exported.
Singapore retains its No. 1 input ranking globally and is top in most institution-related input factors, including political and operational stability, ability to formulate and implement sound regulations that promote private sector development, and government effectiveness.
It also ranks highly in other input indicators such as high-tech imports and the percentage of graduates in science and engineering fields.
In a statement on Thursday, Intellectual Property Office of Singapore chief executive Rena Lee said the Republic's good performance in traditionally strong indicators - such as those related to institutions and infrastructure, as well as human capital and research - was bolstered by improved showings in business and market sophistication markers.
"Our excellent rankings in these indicators underscores Singapore's position as a modern services hub with a conducive environment for local and global innovative companies," she added.
The Straits Times