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Romania ranks 38th in top 50 of most innovating world economies

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Northern states dominate the first positions of Bloomberg Innovation Index, a classification of economies based on factors like expenses for research and development or concentrating technology companies held by the state, Bloomberg informs.

With a score of 57.06 points, Romania is surpassed by countries like Greece, 30th, the Czech Republic, 28th, Hungary 27th and Poland 22nd. Romania holds the best position, 14thm with production with high VAT, but ranks 49th for indicator measuring GDP percentage allocated for research and development.

The first position of top 50 of states is held by South Korea, with 89 points due to the leading world position for GDP percentage allocated for research and development, production with high VAT and activity in the field of patents. Sweden ranks second, thanks to improved production with high VAT, followed by Germany and Switzerland, while Finland climbed two positions to 5th, thanks to high tech company increase.

In Sweden’s case, government financing especially for small companies made the difference in a country dominated by multinational companies, said professor Asa Lindholm Dahlstrand from Lund University. Accent laid on research and development helped Sweden to cope with difficult economic difficulties in past years. “There is big accent on research and development in Sweden. We saw what happened in many countries which did not do the same thing,” Dahlstrand pointed out.

The country with the most to lose in this year’s edition of Bloomberg Innovation Index is Russia, which went down 14 positions to 26th. After many years of sanctions and low energy prices, scores recorded by Russia for productivity and production with high VAT had to suffer. Japan went down from 4th to 7th, because of losing the leading position in the field of patents, the US lost a position to 9th, while Israel climbed to 10th. China has the best position for emerging economies - 21st, thanks to improving its higher education system.

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