When it comes to innovation, Asia trails behind Europe and North America according to the latest Global Innovation Index 2013.
Only two Asian economies, Hong Kong (ranked 7th) and Singapore (ranked 8th), were listed in the top 10. Switzerland, Sweden, Netherlands, UK and the US topped the rankings.
The Asia Wall Street Journal attributes North American and European successes to higher income economies and to a larger extent heavy investments in research and development. The United States for instance jumped from 10th place in 2012 to fifth this year due to Obama’s heavy focus on R&D. Changes to the index criteria, which emphasised innovation quality and impact was another significant factor. (See AWJ article)