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Sweden overtakes the US, becoming the second most innovative economy

According to the ranking, Sweden overtook the US and became the second most innovative economy in the world in 2023, according to Research Professional News.

European countries dominate the Wipo 2023 rankings, with Switzerland, Sweden and the UK also in the top five.

Switzerland has retained the first place in the annual ranking of the World Intellectual Property Organisation. The country is followed by Sweden, the United States, the United Kingdom and Singapore.

16 European countries made the top 25 list compiled by Wipo, a UN agency, using 80 indicators to track global innovation trends.

Between 2022 and 2023, 19 of the 39 European economies analysed moved up in the ranking. In addition to Sweden, Finland, Denmark and France rose to the top of the ranking (from ninth to sixth, from 10th to ninth and from 12th to 11th, respectively).

A group of middle-income countries including China, Indonesia, Turkey, India, Vietnam, the Philippines and Iran have also risen in the rankings over the past decade, according to Wipo.

Agency CEO Daren Tang stated that the consistent growth of such countries has shown “how a focus on the innovation ecosystem can make a difference.”

Wipo also assessed the current state of global research and development (R&D) funding, noting that preliminary data suggests that global government budgets had increased in real terms in 2022. Japan and South Korea show significant growth in R&D performance, while Germany shows a smaller increase.

Corporate R&D spending also reached a record high in 2022, hitting $1.1 trillion (€1.04 trillion). However, the 7.4 per cent growth in spending was less than the 15 per cent rise recorded in 2021.

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