Another fall in Malaysia’s index, this one for its innovation practices. It fell 3 places to land at the no 26 in Bloomberg’s innovation index, while Singapore – its arch rival – climbed 3 places up to place itself third.
Bloomberg said Singapore soared to the third place, jumping ahead of European economies Germany, Switzerland and Finland on the strength of its top ranking in the tertiary-efficiency category.
“Singapore has always placed strong focus on educating her populace, especially in STEM disciplines,” said Yeo Kiat Seng, professor and associate provost at the Singapore University of Technology and Design, referring to science, technology, engineering and mathematics who spoke to Bloomberg.
It also has a “steadfast commitment to funding R&D and innovation,” added Yeo, who holds 38 patents.
While Singapore came in third this year, South Korea maintained its top spot on the index for the fifth consecutive year.
Sweden also maintained its position on the index from last year, ranking second.
The U.S. dropped out of the top 10 in the 2018 Bloomberg Innovation Index for the first time in the six years the gauge has been compiled.
The index scores countries using seven criteria, including research and development spending and concentration of high-tech public companies.