Innovation is key to driving economic growth and shaping the future. In 2024, several countries have emerged as global leaders in innovation, excelling in research, technology, and development. These nations invest heavily in cutting-edge industries, fostering environments where startups thrive and breakthroughs are constant. From advanced technology to clean energy, here are the top 10 most innovative global economies making significant strides in 2024.
Most Innovative Economies in 2024: Following rapid growth in 2020 and 2022, global research and development (R&D) growth has decelerated to 3%. Moreover, venture capital investments have dropped by 39%, and international patent applications have seen a decline. This data comes from the World Intellectual Property Organization (WIPO), which recently released the Global Innovation Index (GII) 2024.
Switzerland continues to be the most innovative economy in the world in 2024, with a score of 67.5 in the Global Innovation Index, followed by Sweden, United States of America and Singapore.
Here is the list of top-10 most innovative economies in the world as of 2024:
| Top-10 Most Innovative Economies in the World 2024 | ||||
| Rank | Country | Score | Region Rank 2024 | Income Group Rank 2024 |
| 1. | Switzerland | 67.5 | 1 | 1 |
| 2. | Sweden | 64.5 | 2 | 2 |
| 3. | United States of America | 62.4 | 1 | 3 |
| 4. | Singapore | 61.2 | 1 | 4 |
| 5. | United Kingdom | 61 | 3 | 5 |
| 6. | South Korea | 60.9 | 2 | 6 |
| 7. | Finland | 59.4 | 4 | 7 |
| 8. | Netherlands | 58.8 | 5 | 8 |
| 9. | Germany | 58.1 | 6 | 9 |
| 10. | Denmark | 57.1 | 7 | 10 |
India has made impressive strides in the Global Innovation Index (GII), climbing from 81st in 2015 to 39th in 2024. Leading the lower middle-income group, India also holds the top position in the Central and Southern Asia region for knowledge and technology outputs (22nd), creative outputs (43rd), institutions (54th), and business sophistication (54th).
India’s innovation strengths include ranking 1st in ICT services exports, 6th in venture capital received, 7th in intangible asset intensity, and 8th in the number of unicorn companies.
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