Wednesday 11 December, 2019

Trinidad and Tobago drops in Global Innovation Index rankings

Trinidad and Tobago has dropped five spots on the 2018 Global Innovation Index Rankings (GII).

The country dropped from a ranking of 91 in 2017 to 96 in 2018 on the GII, which is co-published by Cornell University, INSEAD and the World Intellectual Property Organization (WIPO), a specialized agency of the United Nations.

According to the report, Trinidad and Tobago showed difficulty in converting a high income into outputs.

Among high-income countries, Switzerland, the Netherlands, Sweden, Germany, Ireland, Luxembourg, and also Hungary stand out for producing many outputs for their given level of inputs. Singapore, Australia, Japan, Hong Kong (China), Canada, New Zealand, and Norway, as well as many resource-rich economies such as Saudi Arabia, Qatar, and Trinidad and Tobago stand out as high-income economies that—assuming that both inputs and outputs are properly measured—tend to perform worse.”

Trinidad and Tobago was also one of the countries with the most missing values in the study.

Despite requiring minimum levels of coverage, for several economies the number of missing data points remains very high. Table 3 lists the countries that have the highest number of missing data points (20 or more), ranking them according to how many data points are missing,” the study said.

Even so, the country was still ranked as one of the three high-income economies in the Caribbean and Latin American region – the other two being Chile and Uruguay.

Trinidad and Tobago showed strengths in terms of innovation linkages and ease of getting credit, however, weaknesses were noted in the areas of research and development, growth of Personal Purchasing Parity/GDP per worker, ecological sustainability and general infrastructure.

Innovation is now widely recognized as a central driver of economic growth and development. The Global Innovation Index (GII) aims to capture the multi-dimensional facets of innovation by providing a rich database of detailed metrics for 126 economies, which represent 90.8% of the world’s population and 96.3% of global GDP. Today a wide range of high-, medium-, and low-income countries are using the GII as a tool for action to improve innovation performance—often at the prime ministerial and ministerial level, and often with specific cross-ministerial task forces comprising a large variety of relevant innovation stakeholders,” the report said.

The 2018 report is the 11th edition of the GII, and is dedicated to the theme of energy innovation.

The GII 2018 analyses the energy innovation landscape of the next decade and identifies possible breakthroughs in fields such as energy production, storage, distribution, and consumption.

It also looks at how breakthrough innovation occurs at the grassroots level and describes how small-scale renewable systems are on the rise.

The GII is co-published by Cornell University, INSEAD, and the World Intellectual Property Organization (WIPO), a specialized agency of the United Nations.

For more information go to: www.globalinnovationindex.org

 

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