Ukraine entered the top 3 innovation economies — Global Innovation Index 2023

The 2023 edition of the Global Innovation Index takes the pulse of global innovation trends against the background of an economic environment fraught with uncertainty. It unveils the ranks of the most innovative economies among 132 nations, while also highlighting the top 100 science and technology innovation clusters.

AIN.Capital shares the key takeaways from the ranking regarding the global economy and CEE countries:

1. Innovation investments showed a mixed performance in 2022 within a context of many challenges and a downturn in innovation finance. The outlook for 2023 and 2024 is also uncertain.
2. Technological progress is rampant, without many setbacks; technology adoption is growing, but the socioeconomic impact remains weak.
3. Switzerland, Sweden, and the United States continue holding the top three positions in the ranking.
4. Finland (6th) moves closer to the top 5, while the Baltic (Estonia 16th, Lithuania 34th, and Latvia 37th) economy is also on an upward trend.
5. A total of 21 developing economies are performing above expectation on innovation relative to their level of economic development, the majority located in Sub-Saharan Africa and South East Asia, East Asia, and Oceania.
   • The list includes the Republic of Moldova, which continues to overperformer for a 13th consecutive year.
6. The world’s five biggest science and technology clusters are all located in East Asia; Tokyo–Yokohama is the biggest S&T cluster globally, Cambridge the most S&T-intensive.
7. Ukraine entered the top 3 innovation economies, ranking in the lower middle-income group.

Here’s the ranking of CEE countries compared to the GII 2022:

• Finland — 6 (up from 9 in 2022),
• Estonia — 16 (up from 18),
• Austria — 18 (down from 17),
• Czechia — 31 (down from 30),
• Slovenia — 33 (the same in 2022),
• Lithuania — 34 (up from 39),
• Hungary — 35 (down from 34),
• Latvia — 37 (up from 41),
• Bulgaria — 38 (down from 35),
• Poland — 41 (down from 38),
• Croatia — 44 (down from 42),
• Slovakia — 45 (up from 46),
• Romania — 47 (up from 49),
• Ukraine — 55 (up from 57),
• Moldova — 60 (down from 56),
• Bosnia and Herzegovina — 77 (down from 70),
• Belarus — 80 (down from 77).