5 Most Innovative Economies in 2024: Why WIPO Rankings Are Inaccurate

In this article, we will look into the 5 most innovative economies in 2024. If you want to read our detailed analysis, you can go directly to 25 Most Innovative Economies in 2024: Why WIPO Rankings Are Inaccurate.

5. Belgium

R&D Expenditure as a Percentage of GDP (2021): 3.42%

High Technology Exports (2021): $52.2 billion

Digital Adoption Index (2016): 0.780

Insider Monkey Score: 2.8

Belgium ranks 5th among the most innovative economies in 2024. The country spent 3.42% of its GDP on research and development in 2021. The high technology exports of the country were $52.2 billion in 2021.

4. Japan

R&D Expenditure as a Percentage of GDP (2021): 3.30%

High Technology Exports (2021): $116.5 billion

Digital Adoption Index (2016): 0.834

Insider Monkey Score: 1.9

Japan is placed 4th on our list. The country reported a DAI of 0.834 in 2016, according to the World Bank. In 2021, the country spent 3.3% of its GDP on R&D. The country reported high technology exports of $116.5 billion in 2021.

3. Germany

R&D Expenditure as a Percentage of GDP (2021): 3.14%

High Technology Exports (2021): $209.7 billion

Digital Adoption Index (2016): 0.839

Insider Monkey Score: 1.6

Germany is one of the most innovative countries in the world. It spent 3.14% of its GDP on research and development in 2021. The high technology exports of the country were reported to be $209.7 billion in 2021.

2. South Korea

R&D Expenditure as a Percentage of GDP (2021): 4.93%

High Technology Exports (2020): $163.9 billion

Digital Adoption Index (2016): 0.866

Insider Monkey Score: 0.9

Ranked 2nd on our list, South Korea reported a DAI of 0.866 in 2016. In 2021, the country spent 4.39% of its GDP on R&D. The high technology exports of the country were $163.9 billion in 2020.

1. United States

R&D Expenditure as a Percentage of GDP (2021): 3.46%

High Technology Exports (2021): $169.2 billion

Digital Adoption Index (2016): 0.747

Insider Monkey Score: 2.1

The United States is ranked first on our list of the most innovative economies in 2024. The country spent 3.46% of its GDP on research and development in 2021. The high technology exports of the country were reported to be $169.2 billion in 2021.

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