Sweden came in second place after Switzerland, with Singapore taking third – the same top three as last year’s index.

The report, published by INSEAD, the leading international business school, and the World Intellectual Property Organization (WIPO), a specialized agency of the United Nations ranks 141 countries/economies on the basis of their innovation capabilities and results.

“The GII is a timely reminder that policies to promote innovation are critical to the debate on spurring sustainable economic growth,” WIPO Director General Francis Gurry said Tuesday in a statement.

“The downward pressure on investment in innovation exerted by the current crisis must be resisted. Otherwise we risk durable damage to countries’ productive capacities. This is the time for forward-looking policies to lay the foundations for future prosperity.”

The top ten countries remain almost unchanged since the 2011 index, with only Canada dropping out of the exclusive first ten.

The other countries to grace the top of the list include Finland, the United Kingdom, the Netherlands, Denmark and Hong Kong (China), with Ireland and the United States of America taking ninth and tenth.

Soumitra Dutta, Roland Berger Professor of Business and Technology at INSEAD and the founder of the GII explained how the innovation was ranked.

“The GII seeks to update and improve the way innovation is measured. Today’s definitions must capture an environment which is context-driven, problem-focused and interdisciplinary. The 2012 variables were broadened in an effort to find the right mix which captures innovation as it happens today.”

AFP/The Local/og

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