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Most Innovative Economies in 2024: After experiencing booms in 2020 and 2022, global R&D growth has slowed to 3%, in addition, venture capital investments have decreased by 39%, and international patent filings have also declined, as per to the World Intellectual Property Organisation (WIPO), which recently published the Global Innovation Index (GII) 2024.
Macroeconomic factors, including sluggish economic growth, reduced funding for innovation, and declining productivity, have driven economies to improve their innovation ecosystem and performance, while also implementing innovative policies and strategies aimed at addressing critical economic and societal challenges.
Not so surprisingly, Switzerland regained the top spot once again in the Global Innovation Index for the 14th consecutive year, reigning as a global leader in innovation outputs.
Ranking first globally in both knowledge and technology outputs and creative outputs, it’s also among the top 5 in remaining GII pillars, except Infrastructure, where it ranks 7th globally.
It’s noteworthy to mention that middle-income economies like China have demonstrated sustainable innovation performance over the past decade, driven largely by advancements in education, policy, and infrastructure, resulting in it climbing up to the 11th position in global innovation rankings, closing in on the top 10.
Meanwhile, countries such as Turkey, Malaysia, the Philippines, and Vietnam have made significant strides, while India is moving up one place, continuing to lead the lower-middle-income group in Southeast Asia.
Ranking 133 economies around the world, while also highlighting the critical role of social entrepreneurship in driving innovation, here are the top 10 most innovative economies in the world, as per the Global Innovation Index 2024.
| Rank 2024 | Country | Score | Income Group Rank 2024 | Region Rank 2024 |
| 1 | Switzerland | 67.5 | 1 | 1 |
| 2 | Sweden | 64.5 | 2 | 2 |
| 3 | United States of America (USA) | 62.4 | 3 | 1 |
| 4 | Singapore | 61.2 | 4 | 1 |
| 5 | United Kingdom (UK) | 61 | 5 | 3 |
| 6 | South Korea | 60.9 | 6 | 2 |
| 7 | Finland | 59.4 | 7 | 4 |
| 8 | Netherlands | 58.8 | 8 | 5 |
| 9 | Germany | 58.1 | 9 | 6 |
| 10 | Denmark | 57.1 | 10 | 7 |
Source: Global Innovation Index Database, WIPO, 2024.
Note: The Global Innovation Index (GII) ranks global economies based on their innovation capabilities, using 80 indicators to capture multi-dimensional aspects of innovation.
India has risen significantly in the Global Innovation Index (GII) rankings, rising from 81st in 2015 to 39th in 2024.
India’s Global Innovation Index ranking from 2020-2024. (Source: WIPO)In the 2024 GII Index, India leads the lower middle-income group and holds the top ranking within the Central and Southern Asia region for knowledge and technology outputs (rank 22), creative outputs (rank 43), institutions (rank 54), and business sophistication (rank 54).
India’s strengths lie in ICT services exports (rank 1), venture capital received (rank 6), intangible asset intensity (rank 7), and lastly, its unicorn companies (rank 8).
This achievement reflects India’s commitment to fostering a robust innovation ecosystem, supported by strong policies, investment in R&D, and a collaborative environment for startups and industries.
