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Innovation is key to improving our daily lives

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and spurring economic growth.

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The Global Innovation Index 2023

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tracks global innovation
trends amid a climate of uncertainty

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caused by slow recovery from
the COVID-19 pandemic,

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high interest rates
and geopolitical conflict.

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The report, however, also foresees
fresh innovation opportunities.

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What is the current state of innovation?

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After a boom in 2021,
investments in innovation

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showed a mixed performance in 2022.

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Research and development,
the number of venture capital deals

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and patent filings
each rose to new heights.

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And major corporations
invested a record $1.1 trillion

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in R&D, with the
ICT sector leading.

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However, growth rates slowed
from an exceptionally strong 2021,

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also taking place
in a context of high inflation.

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In addition, while venture capital deals
increased in numbers, the overall

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value of venture capital investment
declined sharply by close to 40%

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following a previous year
with an important venture capital boom.

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Funding for startups became scarcer.

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Meantime, technological progress
and adoption in information technologies,

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health, mobility and energy
increased greatly in 2022.

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Supercomputers are becoming faster,
while the cost of genome

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sequencing and green
technologies are decreasing.

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However, the impact of innovation –
like the effect

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of innovation on
productivity – continues to lag.

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Who leads in global innovation?

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The GII 2023 unveils the world's
innovation leaders,

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showing the performance of 132 economies.

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Switzerland, Sweden, the US, the UK

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and Singapore lead the rankings.

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China (12th) still stands as the only
middle income economy in the top 30.

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Other middle income economies
with strong innovation catch-up

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among the top 65 in the last decade are

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Türkiye (37th), India (40th),

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Viet Nam (46th), the Philippines (56th),

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Indonesia (61st) and Iran (62nd).

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A total of 21 economies outperform
on innovation relative to their level

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of development, with many located
in Sub-Saharan Africa, where Rwanda leads.

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What does the future hold?

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In an increasingly challenging climate,
supporting countries

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at all stages of development

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and strengthening their innovation
ecosystem is critical to recovery.

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Facilitating the deployment
of the new digital age and deep science

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innovation waves, while making sure
their positive impacts are felt by all,

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is crucial.

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Innovation remains essential
to improving our world.

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Will we embrace the opportunities provided
in the current innovation landscape?

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Let us all work together
to ensure that we do.