Korea this year has reclaimed the top spot on the innovation rankings compiled by the U.S. business news service Bloomberg. 

By Elias Molina and Yoon Sojung

Photos = screen captures from Bloomberg

Korea has regained the top spot in the global innovation index of the U.S. business news service Bloomberg.

The Ministry of Economy and Finance on Feb. 3 said Korea had the highest score of 90.49 among 60 countries ranked in the Bloomberg Innovation Index 2021.

Singapore was second with 87.76, Switzerland third with 87.6 and Germany fourth with 86.45.

The index scores each country based on seven categories: R&D spending, manufacturing capability, productivity, density of high-tech companies, tertiary efficiency, researcher concentration and patent activity.

Bloomberg said, "The 2021 rankings reflect a world where the fight against Covid-19 has brought innovation to the fore –- from government efforts to contain the pandemic, to the digital infrastructure that's allowed economies to work through it, and the race to develop vaccines that can end it."

Korea had previously topped the index for six consecutive years from 2014-19. Last year, however, it slipped to second with a slightly lower score than Germany.

Among other major economies on this year's list, the U.S. placed 11th and China 16th, with both countries seeing their rankings fall from last year. Japan stayed at 12th for the second straight year.

The ministry said, "The latest rankings are the results of efforts by the government and business to concentrate on achieving innovative growth by gradually expanding investment for the future despite difficult conditions in and out of the country."

Korea this year has retaken the top spot in the Bloomberg Innovation Index announced on Feb. 3.