"The battle for control of the global economy in the 21st century will be won and lost over control of innovative technologies." Tom Orlik, Bloomberg Economics
The annual Bloomberg Innovation Index applies seven equally weighted metrics to derive an innovation score for each country, and the results might surprise you. As the innovation score is tied to the amount of GDP spent on research and development and researcher density South Korea's spend of $73.1 Billion tops the 2019 chart.
Bloomberg considers over 200 countries, automatically eliminating any that dont meet at least six metrics from R&D Spending, Patent Activity, Tertiary Efficiency, Manufacture Value-added, Productivity, High-tech Density and Researcher Concentration. After considering these measures, only 95 countries remained for Blomberg to publish the results of the top 60 most innovative countries. As you can see from the infographic below, South Korea tops the table, and arguably Asia dominates with three countries in the top 10.
The UK comes in in 18th place but newcomers to this year's Innovation Index are some of the largest emerging economies, such as India and Vietnam.
Working out the strength and value of economies a complicated process with many shifting variables and factors to consider. However, when economies prioritise new innovations such the way that South Korea utilises blockchain technology, it leads to a better quality of life for society as a whole.