Russia ranked world's 12th most innovative economy
The index scored economies using factors including research and development spending and concentration of high-tech public companies.
Russia took the leading position in terms of researcher concentration.
In the world of ideas, South Korea is king. These are the world's most innovative economies https://t.co/8F0elZkiOBpic.twitter.com/p0c9slImaM
— Bloomberg Business (@business) January 19, 2016According to the Index, South Korea is the world’s most innovative economy. It is followed by Germany, Sweden, Japan and Switzerland.
South Korea is "squeezed between low-wage China on the one hand and more technologically advanced Japan on the other, so there's this sense of anxiety, or a certain degree of urgency, about maintaining this performance," said Marcus Noland, director of studies at the Washington-based Peterson Institute for International Economics.
READ MORE: Silicon Valley on ice: Russia wants to turn Far East island into research hub
Six of the top 10 economies are in Europe, and three in Asia.
"If you're a really innovative economy, everything else equal, you're going to tend to have higher productivity growth, and that goes hand-in-hand with rising living standards over time," said Jay Bryson, global economist at Wells Fargo Securities in Charlotte, North Carolina. "The pie expands for everyone."
