What We Think

Chart of the Week (21) - Innovation

The European Innovation Scoreboard 2019, released in June last year, shows that the EU's innovation performance continues to improve and has surpassed the USA for the first time since the development of this index. It also continues to enjoy a considerable lead over Brazil, India, Russia and South Africa. However, China is reported to be catching up at three times the EU's innovation performance growth rate as Canada, Australia, Japan maintain a performance lead over the EU. South Korea continues to lead the pack. 

Within the EU, innovation performance increased in 25 countries since 2011. Sweden is the 2019 EU innovation leader, followed by Finland, Denmark and the Netherlands. Lithuania, Greece, Latvia, Malta, Estonia and the Netherlands are the fastest growing innovators.

While it is encouraging to note that Malta is among the fastest growing innovators it is likewise important to acknowledge the gaps identified in areas such as doctorate graduates, R&D expenditure and venture capital investments. Addressing these pain points is going to be central for our economy to thrive into the future.

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