What happened: In late September, the World Intellectual Property Organization (WIPO) released the 17th edition of the Global Innovation Index (GII). Benchmarking the strength of 133 country’s innovation ecosystems, the 2024 report illustrates how innovation can drive economic growth and development in global markets.
The findings: The GII reveals that innovation investments decreased in 2024, including through a decline in R&D expenditures, a reduction in scientific publications, and a decrease in venture capital investment. However, technological progress accelerated in fields such as health, genomics, and connectivity.
The rankings: Switzerland, Sweden, and the United States round out the top three, like in years past. Emerging markets also continue to make progress, with Brazil and Saudi Arabia improving significantly over the last five years and India and China having some of the highest rises in ranking over the last ten years.
Yes, and: This positive momentum mirrors the results of the Chamber’s International IP Index, which benchmarks intellectual property (IP) protection as a catalyst for innovation and creativity in global markets. For example, Brazil and Saudi Arabia’s scores have increased nearly 6% and 12% respectively since 2019, while India and China’s scores have increased over 15% and 19% since 2014.
Why it matters: A strong, positive correlation exists between the effectiveness of an economy’s IP framework and the strength of its innovation ecosystem, as measured by the GII. For example, economies with strong IP frameworks in place see nearly double the innovation output, generate more than twice as much online and mobile content, and produce 88% more knowledge and technology outputs.
The bottom line: A robust IP framework must be in place for all countries to continue to unleash the benefits of an innovation-driven economy. The Chamber’s IP Index and WIPO’s GII provide countries with a roadmap to strengthen economic growth and global competitiveness through innovation and IP.
