Iceland is 21st most-innovative economy according to the Global Innovation Index (GII) 2020. Iceland drops one place from last year after rising three places on the GII 2019.
Switzerland is the world‘s most-innovative economy followed by Sweden, the United States of America (U.S.), the United Kingdom (U.K.) and the Netherlands, according to the GII 2020. The Nordic countries all score highly on the index with Denmark and Finland also among the top 10 most innovative economies in 6th and 7th place, respectively.
Iceland has high scores in three out of the seven GII pillars: Institutions, Business sophistication and Creative outputs, which are above average for the high-income group.
Conversely, Iceland scores below average for its the income group in four pillars: Human capital & research, Infrastructure, Market sophistication and Knowledge & technology outputs.
The Global Innovation Index (GII) ranks world economies according to their innovation capabilities. Consisting of roughly 80 indicators, grouped into innovation inputs and outputs, the GII aims to capture the multi-dimensional facets of innovation.
More information on Iceland‘s GII 2020 results can be found here.
The complete GII 2020 report can be found here.