No products in the basket.
Thailand’s ranking in the Global Innovation Index (GII 2023) remains unchanged at 43rd
Thailand’s ranking in the Global Innovation Index (GII 2023) has remained unchanged at 43rd for the third consecutive year.
The World Intellectual Property Organization (Wipo) attributes this to a lack of human capital and an unfavorable institutional and regulatory environment.
Switzerland, Sweden, the United States, the United Kingdom and Singapore are the world’s most innovative economies in 2023, according to WIPO’s Global Innovation Index (GII), as a group of middle-income economies have emerged over the past decade as the fastest climbers of the ranking.
Key Takeaways
- Thailand’s ranking in the Global Innovation Index has remained stagnant at 43rd for three consecutive years due to a lack of human capital and unfavorable regulatory environment.
- In response, the National Innovation Agency plans to establish a matching fund of 50 million baht to support startups and commercialization of university spin-offs, while the Intellectual Property Department aims to use artificial intelligence to expedite patent approvals.
- To improve Thailand’s GII ranking and promote innovation, the government should focus on creating a sandbox for accelerated innovations, increasing investment in research-based innovation, strengthening technology finance and capital markets, nurturing innovation-based entrepreneurs, and enhancing patents and creativity in innovation and culture.
South East Asia, East Asia, and Oceania
According to the latest report, six economies in South East Asia, East Asia, and Oceania (SEAO) have been identified as world innovation leaders. These economies are Singapore (ranked 5th), the Republic of Korea (ranked 10th), China (ranked 12th), Japan (ranked 13th), Hong Kong, China (ranked 17th), and Australia (ranked 24th).
Thailand ranks 9th among the 16 economies in South East Asia, East Asia, and Oceania. Thailand also performs above the uppermiddle-income group average in Knowledge and technology outputs, Creative outputs, Business sophistication, Market sophistication, Infrastructure.
While many governments still struggle with the massive amounts of public debt accumulated during COVID, the business sector has continued to increase its levels of innovation.
— INSEAD Distinguished Fellow and GII Co-Editor Bruno Lanvin
Global top 10 rankings
- Switzerland (Number 1 in 2022)
- Sweden (3)
- United States of America (2)
- United Kingdom (4)
- Singapore (7)
- Finland (9)
- Netherlands (5)
- Germany (8)
- Denmark (10)
- Republic of Korea (6)
According to the annual ranking, China is the only middle-income economy to make it to the top 30 of the Global Innovation Index, ranking at 12th place. Japan follows closely behind in the 13th position. Israel has made a comeback to the top 15, securing the 14th position and gaining two steps. It’s worth noting that Finland, Denmark, Sweden, and the Baltic economies (Estonia, Lithuania, and Latvia) are all showing upward trends in innovation, with Finland ranking 6th, Denmark at 9th, Sweden at 2nd, and Estonia at 16th, Lithuania at 34th, and Latvia at 37th.
In the past decade, Indonesia has climbed up to the 61st position in the Global Innovation Index rankings, along with other middle-income economies such as China, Turkey, India, Vietnam, the Philippines, and the Islamic Republic of Iran. In the last four years, despite the pandemic, Mauritius, Indonesia, Saudi Arabia, Brazil, and Pakistan have shown significant progress in the rankings, with Mauritius leading the way at 57th position, followed by Indonesia, Saudi Arabia, Brazil, and Pakistan in that order.
Discover more from Thailand Business News
Subscribe to get the latest posts sent to your email.
