Public and private undertakings around the globe increased innovation investments in spite of the human and economic impact of the COVID-19 pandemic, the 2021 edition of the Global Innovation Index (GII) shows. This is illustrating a growing acknowledgement that novel ideas are not only critical for overcoming a global crisis but also ensure post-pandemic economic growth.
However, the impact of the pandemic has been distributed highly unevenly across industries, according to a new GII feature, the Global Innovation Tracker. Those firms involved in software creation, internet and communications technologies, hardware and electrical equipment industry, pharmaceuticals and biotechnology amplified their investments in innovation and increased their R&D efforts, while firms in sectors heavily hit by the pandemic’s restrictions and whose business models rely on in-person activities – such as transport and travel – have been more seriously affected, the tracker shows.
According to the GII 2021, only a few economies have consistently delivered peak innovation performance. The top 25 of the most innovative economies are mainly from Europe, with Sweden having remained in the top three of the innovation ranking for more than a decade.
- Publication date
- 4 October 2021