A leading reference for measuring an economy’s innovation performance, the Global Innovation Index (GII) is currently in its 15th edition, with the latest findings being really encouraging for us Malaysians.
This is because, in GII 2022, our country ranked 6th in Asia for the most innovative economy and from the overall 132 economies studied globally, we are placed in a respectable 36th position.
In Asia, South Korea is ranked the most innovative economy by the study followed by Singapore, China, Japan, Hong Kong and the United Arab Emirates, with Malaysia barely missing out on the top 5 by coming in 6th.
Globally, Switzerland is ranked first in GII for the 5th consecutive year followed by the United States, Sweden, the United Kingdom and the Netherlands in the top 5.
For Malaysia specifically, despite our lower overall GII ranking, our economy is among the leaders in Market sophistication by placing 26th globally.
Furthermore, when the study is classified under income groups, Malaysia is actually the third in the world under the upper middle-income segment.
This makes us only one of only 5 economies under this segment to be placed in the top 40 of the overall ranking. For reference, there are only 36 economies that are classified as upper middle-income economies by GII.
Published by the World Intellectual Property Organization (WIPO), GII aims to provide insightful data on innovation to track major innovation developments at the country and regional levels to assist policymakers in making informed decisions.
So, what do you guys think of Malaysia’s placement in the index? Share your thoughts with us in the comments!
Also read: Study: M’sia is World’s 3rd Crony-Capitalist Nation, Billionaires’ Wealth Makes Up to 12% of Our GDP
