By Ebi Kesiena
China has for the first time, entered the United Nations’ list of the world’s ten most innovative economies, defeating Germany, Europe’s largest economy. The shift highlights Beijing’s surging investment in research and development.
According to the Global Innovation Index (GII) 2024, which assessed 139 economies using 78 indicators, Switzerland retained the top spot it has held since 2011, followed by Sweden and the United States. China secured 10th place, while Germany slipped to 11th.
The report revealed that China is rapidly closing the gap in private-sector financing and is moving to become the world’s biggest spender on R&D. However, it cautioned that the broader global outlook is uncertain, with overall innovation investment declining. R&D growth is expected to slow to 2.3 percent in 2024, down from 2.9 percent last year, the weakest pace since 2010, following the global financial crisis.
China accounted for approximately a quarter of all international patent applications this year, consolidating its position as the largest source worldwide. In contrast, the United States, Japan, and Germany, who together make up 40 percent of global filings, recorded small declines. Patent ownership remains a key measure of economic resilience and technological capability.
Despite its fall, Germany should not be alarmed, said GII co-editor Sacha Wunsch-Vincent, noting that the ranking does not capture the full effect of tariffs introduced under the Trump administration.
Meanwhile, WIPO Director General Daren Tang stated that ‘‘the challenge for Germany is how alongside its strong, decades-long status as a really powerful engine of industrial innovation, to become a powerhouse of digital innovation.”
Other economies in the top 10 include South Korea, Singapore, the United Kingdom, Finland, the Netherlands, and Denmark.
