South Korea leads the world in innovation.

South Korea topped Bloomberg Innovation Index closely followed by Singapore in second place.

South Korea topped Bloomberg Innovation Index closely followed by Singapore in second place. According to the most recent Bloomberg Innovation Index, which "analyzes dozens of criteria using seven equally weighted metrics, including research and development spending, manufacturing capability and concentration of high-tech public companies," South Korea leads the world in innovation, closely followed by Singapore in the second place. South Korea replaced Germany from the first position, which is now in fourth place. South Korea featured right at the top primarily due to "an increase in patent activity, where it ranks top, alongside a strong performance in R&D and manufacturing".

According to Bloomberg, "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".

There’s near-total agreement in South Korea that “R&D is essential to have a future,” said Lee Kyung-mook, a professor of business management at Seoul National University. “It’s sandwiched between more developed nations, which still outperform them in technology, and China that is catching up fast relying on lower labor costs.”