Prague, Czech Republic – The Czech Republic has surpassed Poland as the most innovative economy in Central Europe, according to the 2020 Bloomberg Innovation Index.
Ranked as the 24th most innovative economy in the world, the Czech Republic moves up one spot compared to last year, securing a commendable average score of 70/100 in the Bloomberg annual ranking meant to examine the ability of economies to innovate according to a wide variety of criteria. Previous studied had already identified the Czech economy as the most competitive in Central and Eastern Europe.
Although leading the Central European pack in 2019 as the 22nd most innovative country in the world, Poland dropped three positions in this year’s ranking, falling right behind neighbouring Czech Republic.
Ranked 28th in the world, Hungary reported one of the biggest improvements year-on-year, moving up four spots in Bloomberg’s index, and now positioned in front of countries like New Zealand, Luxembourg and Estonia.
The most disappointing result came from Slovakia who, now at the 41st spot worldwide, lost two spots compared to 2019, and is now considered one of the least innovative economies in the EU, topping only Bulgaria, Croatia, Malta and Cyprus.
Germany took first place, ending the six-year winning streak of South Korea, now second ahead of Singapore, Switzerland and Sweden. The rest of the top 10 is made up of Israel, Finland, Denmark, the U.S. and France.
“The news is less rosy for the top advanced economies”, the authors of the study write, with the U.S., n°1 when the index debuted in 2013, falling to the 9th spot, and Japan dropping out of the top 10 to become n°12.
Now in its eighth year, the Bloomberg Innovation Index analyzes dozens of criteria categorized in seven different metrics to assess how innovative world economies are, including R&D spending, concentration of high-tech public companies and manufacturing capabilities.