“South Korea has topped a list of the world’s 60 most innovative economies.” The country scored 90, after coming second last year.
It was followed by Singapore and Switzerland, both also moving up one spot from last year.
The U.S. ranked 11th. Japan and China were 12th and 16th, respectively.
One expert says South Korea’s return to first place is largely thanks to a strong performance in R&D and manufacturing.
“The South Korean government invests heavily in R&D compared to other countries. Last year, about four percent of the government’s budget was invested in R&D which is very high.”
He also says R&D is essential to high-tech companies. The country’s largest tech firm Samsung Electronics invests around 18 billion U.S. dollars every year in R&D, one of the largest amounts of any company.