Bloomberg Innovation Index 2021: South Korea, Singapore lead the world in tech innovation

South Korea has once again shown the world its tech innovation prowess and its preparedness in embracing a post-pandemic digital society.

The East Asian country has topped Bloomberg’s annual Innovation Index for the seventh time, illustrating its overall breakthrough in terms of government tech policy, spending on research and development, manufacturing capability, and concentration of high-tech public companies.

Singapore came in second, up one spot from last year, and Switzerland ranked third.

Bloomberg clarified that much of the data came from before the COVID-19 pandemic, but it is still worth noting that many of the countries that ranked high on the index also handled the pandemic well. They include Germany (4th), Israel (7th), and Australia (19th).

The US fell out of the top ten this year, ranking eleventh.

Bloomberg also reported that 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.”