THE WORLD’S MOST INNOVATIVE COUNTRIES, 2020

Necessity is the mother of invention. Indeed, during the global corona-virus crisis, the world needed to move work, education and play to the digital realm very quickly.  Innovation in such times is crucial, but may also increase inequalities among countries, sectors and groups of population.  As the world continues to face a prolonged, massive health crisis, and prepares for the accompanying economic and social shocks, the question of “Who Will Finance Innovation?”, the theme of this year’s Global Innovation Index (GII), is critical in solving the seemingly insurmountable problems ahead of us.  Any crisis calls for a variety of short-term responses to the emergency at hand. But longer-term objectives must be safeguarded. Innovation financing is generally regarded as a long-term investment (especially in science and technology); a growing concern is that it may be sacrificed to more immediate economic and social demands.  The impact of the current crisis on innovation is uncertain and highly dependent on a range of recovery scenarios, as well as business and innovation practices and policies. In any scenario, financial resources – both private and public – will be strained.  Countries and corporations alike might find it harder to pursue investments and innovation. Historically, pandemics have been followed by sustained periods of depressed investment. Investment rates are already low to date, including foreign direct investment, which is now expected to drop sharply in 2020 and 2021.  Fundamentally, the pandemic has not changed the fact that the potential for breakthrough technologies and innovation abounds. The GII continues to support and foster innovation through challenging times. At this juncture, with increased unilateralism and nationalism, it is important to remember that most economies that have moved up the ranks in the GII over time have strongly benefited from their integration within global value chains and innovation networks.  Read More >>

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s