SG climbs to 5th rank in 2023 Global Innovation Index

It is now the highest-ranking Asian market in the index, beating South Korea.

Singapore has surpassed South Korea in the 2023 Global Innovation Index, becoming the highest-ranking Asian market on the list.

Singapore climbed two spots to 5th place in the latest edition of the annual index published by the World Intellectual Property Organization (WIPO).

WIPO scores markets in the index on two broad areas, innovation inputs and outputs, and uses 80 indicators to rank 132 countries by their capacity for, and success in, innovation.

In innovation inputs, Singapore ranked first and also performed well in indicators such as “Institutions – institutional, regulatory and business environment” (1st), “Human capital and research” (2nd), “Infrastructure” (8th), and “Business sophistication”(3rd).

In innovation outputs, Singapore ranked 12th and improved its performance in the indicators “Knowledge and technology outputs” (10th) and “Creative outputs” (18th).

Based on the index, Singapore also performed well in a new indicator ‘Unicorn valuations’ (8th) which is based on the total valuation of all unicorns in a country as a percentage of GDP.