In an incredibly positive development, Pakistan has seriously improved its status as a hub of innovation. The country has risen 8 places up the ladder to 99th in the Global Innovation Index 2021.
As per details, the country stands at 17th place amongst the 34 countries in the lower-middle income bracket in terms of innovation, while it stands at 7th position amongst all the Central and South Asian economies on the list.
According to the rankings, Pakistan’s performance this year relative to its GDP has remained on par with its level of development. Moreover, relative to its “innovation investment”, the country has managed to produce more “innovation outputs”.
Amongst the 34 countries in the lower-middle income bracket, Pakistan has performed better than the majority in terms of four significant areas: Institutions, Business Sophistication, Knowledge and Technology Outputs, and Creative Outputs.
The report mentions that Pakistan has performed the worst in terms of Market Sophistication.
The following graphic, created by the World Intellectual Property Organization (WIPO), provides an overview of Pakistan’s performance in the seven Global Innovation Index 2021 areas:
As for the global winners of innovation, Switzerland has been recognized as the most innovative economy in the world for 2021, followed by Sweden, the United States of America (USA), the United Kingdom (UK), and the Republic of Korea.
Published by WIPO every year, the Global Innovation Index aims to provide an “innovation ranking and rich analysis” with regards to around 130 economies across the world. It measures innovation based on criteria that include institutions, human capital and research, infrastructure, credit, investment, linkages; the creation, absorption and diffusion of knowledge; and creative outputs.