Global Innovation Index (GII) 2022: Switzerland continues to lead the world ranking

The Global Innovation Index 2022 (GII 2022) ranks the innovation performance of 132 countries around the world.

On the premise that innovation is a key driver of economic development, the GII aims to provide a classification of innovation and an analysis benchmarking 132 economies. Over the last decade, the GII has established itself as one of the main references on innovation and as an “action tool” for countries that have incorporated the GII into their innovation programs.

Following the publication and presentation of the 2022 edition, we have reviewed this index, whose founder and editor is Soumitra Dutta, trustee of the Bankinter Foundation of Innovation and Dean of the Saïd Business School at the University of Oxford.

The thematic focus of the GII 2022 has been What is the future of innovation-driven growth?

Produced by the World Intellectual Property Organization (WIPO), the Global Innovation Index is led by Switzerland, USA and Sweden, with China closer to the Top 10 (in the 11th position) and Spain moving up one position (29th). To consult Spain’s performance indicators, click here.

The GII 2022 identifies two new waves of innovation that could lead future growth:

1.- A Digital Age innovation wave based on supercomputing, artificial intelligence and automation, which is on the verge of a wide impact on productivity across all sectors and fields of scientific research.

2.- A Science innovation wave based on advances in biotechnologies, nanotechnologies, new materials and other sciences, revolutionizing innovations in four fields of crucial importance to society: health, food, environment and mobility.

These two waves have the potential to bring both economic and social benefits. However, the GII 2022 warns that the positive effects of these two novel waves may not materialize soon. Many challenges must first be overcome, particularly in the area of technology adoption and diffusion.

A few findings of the Global Innovation Index

In addition, some interesting findings from the GII 2022 report are:

• Global investments in innovation increased during the COVID-19 pandemic and multiplied in 2021, but their resilience in 2022 remains uncertain given the new challenges facing the world.
• International trademark applications, which is a good indicator of entrepreneurship, grew by 15% in 2021.
• Venture capital investments in innovation increased by 46% in 2021, the highest growth since the GII has been published.  The outlook for 2022 is rather more modest due to global economic and political uncertainty.
• In 2021, the number of scientific articles published worldwide exceeded 2 million for the first time.
• China already has the same number of science and technology hubs as the US.
• All indicators relating to the impact of innovation show a notable deceleration. Today, productivity growth is at its lowest levels in the history of the GII.

Innovation in Spain

A few final facts about innovation in Spain.

Spain is well positioned in the ranking, with a good balance of the different indicators. Its solid position in Infrastructures (position 16) and the quality of Spanish talent (position 26) stand out. Spain could near countries such as Germany (8th position) or France (12th position) by investing heavily in three areas:

• Universities, with more focused educational programs in the most required profiles now and in the future.
• R&D
• Creation of ecosystems and clusters that connect universities, companies, and entrepreneurs.

That was what our trustee and international expert in innovation told us in an interview held when the 2021 edition was presented.

For details of the Innovation Index for Spain, follow this link.