South Korea Makes Major Leap in UN Global Innovation Index

South Korea surged four spots to rank sixth among the world’s most innovative economies in the United Nations’ Global Innovation Index (GII) 2024, marking the largest jump within the top 10. Switzerland retained the top position, followed by Sweden and the United States, while Singapore moved to fourth, overtaking Britain.

The GII, published by the World Intellectual Property Organization (WIPO), ranks 133 countries based on their innovation capabilities. South Korea’s rise is attributed to its companies’ strategic shifts in the smartphone, IT, and semiconductor sectors, with notable advancements in cutting-edge technologies. WIPO also highlighted South Korea’s strong regulatory framework and substantial private investment in research and development.

WIPO chief Daren Tang noted that global innovation investment in 2023 faced a downturn, with R&D spending and venture capital declining after a boom from 2020 to 2022. Despite the challenges, sectors like genome sequencing, computing power, and electric vehicle technology continued to progress.

China remained in 11th place, surpassing France, while India, Iran, Morocco, the Philippines, and Turkey were recognized as the biggest climbers over the past decade.

The Philippines ranked 53rd, improving its position in the lower middle-income group, trailing behind India (39th) and Vietnam (44th).