Serbia ranks 62nd out of 127 countries in terms of the Global Innovation Index (GII). According to the ratings, the most innovative countries in the world are Switzerland, Sweden, The Netherlands and the US.
In our region, these are Slovenia (ranked 32nd), Bulgaria (36th), Hungary (39th), Croatia (41st), Romania (42nd), Montenegro (48th) and Macedonia (61st) while Bosnia and Herzegovina and Albania are behind us.
The Global Innovation Index provides detailed metrics about the innovation performance of 127 countries and economies around the world. Its 81 indicators explore a broad vision of innovation, including political environment, education, infrastructure and business sophistication.
The GII report for 2017 focuses on innovation in agriculture and food systems. It is published by Cornell University, INSEAD, and the World Intellectual Property Organization, in partnership with other organisations and institutions, and is based on both subjective and objective data derived from several sources, including the International Telecommunication Union, the World Bank and the World Economic Forum.
When it comes to the specific criteria, Serbia is best rated in the segment of institutions (50th place out of 127), infrastructure (52th), human capital and research (54th), and the output of technology and knowledge (53nd). The country has achieved poor results in the innovation in economy and business environment – Serbia ranks only 99th in market sophistication (this criterion also includes the possibility of obtaining favourable loans, micro-financing, local competition), and 79th in economic sophistication (knowledge industry, cluster status, recognition of talent in a business environment).
It is actually the overall state of our economy that has a negative influence on innovation in Serbia. The report also says that Serbia lacks entrepreneurial initiative, that it is a small market, and that domicile companies are not focused enough on export. Also, our economy is dominated by foreign, export-orientated companies, according to the GII 2017 report.
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