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SG S'pore the 8th most innovative country in the world

Property Here - Tuesday, July 02, 2013

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Singapore has fallen five spots to eighth place, trailing behind Hong Kong in sixth spot on the Global Innovation Index 2013. Both countries are the only places from Asia that made it to the top 10.

In the survey of 142 global economies conducted by business school Insead, Switzerland emerged top this year, followed by Sweden, the UK, the Netherlands, USA and Finland. Denmark and Ireland were ranked ninth and 10th respectively.

Singapore’s new ranking is five places lower than its 2012 ranking of third spot. According to the report’s co-author Bruno Lanvin, the decline was mainly due to a new method used in the ranking system this year, which emphasised quality and impact.

“Singapore remains very high in terms of input and dropped significantly in terms of output which is where the methodical changes have been the strongest. For instance, we see the rank of Singapore dropping when we introduce items relating to the creation of GTLDs (General Top Level Domain) names on the Internet or creative industries so these are areas where we expect further adjustments will be made next year,” he said.

Nikki De Guzman, Junior Reporter at PropertyGuru, wrote this story. To contact her about this or other stories email