World champion in innovation - Germany
Germany is the most innovative country. That isn’t empty self-praise. It’s the opinion of the World Economic Forum. But there are weaknesses as well.
In the highly respected Global Competitiveness Report 2018, published by the World Economic Forum, Germany leads in the innovation sector. And in the overall evaluation the country comes in at first place in Europe, and third place in the world, following the USA and Singapore.
What does the competitiveness report evaluate?
The World Economic Forum’s Global Competitiveness Report evaluates the economies of 140 countries based on twelve different points. While preparing the 2018 report, the criteria were adapted to the present-day situation by giving innovation greater significance.
Why is Germany the most innovative country?
According to the report, “Germany is the current leader in innovation – in part because of the speed it’s developing new technologies like driverless cars.” The country is matchless in the process of developing ideas into products. In addition to its innovative capacity, Germany’s economic stability is also outstandingly good with low inflation and low debt levels.
Where are the weaknesses?
The report also spotlights weaknesses in detail. For instance, Germany only reaches 31st place in the worldwide rankings for information technology and telecommunication. The low level of the broadband infrastructure plays a significant role in this respect. That is why the federal government is pushing especially hard to improve network expansion.
How are other contenders doing?
The USA comes in at first place in the categories labour market, financial system and business dynamism. Singapore tops the list in infrastructure, health and end products. France only reaches 17th place in the overall rankings, but it is in the top ten for infrastructure, health and market size.
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