Korea has defended the No. 1 spot for the fourth year running on the list of fifty most innovative economies compiled by Bloomberg.

The 2017 Bloomberg Innovation Index, released on Jan. 17, revealed that Korea was the top-ranking country with a total score of 89. Sweden, with 83.98 points, followed in second place. Germany was right behind, with 83.92 points.

The Bloomberg Innovation Index evaluates countries based on seven criteria: R&D intensity, manufacturing value-added, productivity, high-tech density, tertiary efficiency, researcher concentration and patent activity. The seven numbers then give a total score for innovation.



Korea ranked highest in areas such as R&D intensity, manufacturing value-added and patent activity. It came second on the list for tertiary efficiency. In 2015, Korea had one of the highest R&D expenditures, with 4.23% of GDP spent on R&D. The country ranks sixth in the world in absolute value of R&D.

"Despite economic hardships, public and private investment in R&D has helped the country stay at the top of its game," said a representative from the Ministry of Strategy and Finance. "We will continue to address issues like low productivity through labor reform and changes in the wage structure to reflect performance, so as to elevate productivity levels."

By Lee Hana
Korea.net Staff Writer
Photos: Bloomberg
hlee10@korea.kr