Bangladesh has seen a decline in its global innovation standing, slipping three notches in the 2023 Global Innovation Index (GII) compared to the previous year. The report, released by the World Intellectual Property Organisation (WIPO) on September 27, reveals that Bangladesh is now ranked 105th, down from its previous ranking of 102nd. This decline can be attributed to the country’s underperformance in extending credit to the private sector and diversifying its domestic industries.
Bangladesh’s market sophistication ranking plummeted to 100th place in 2023 from 92nd the previous year, according to the GII. Among lower-income countries, Bangladesh slipped to 22nd place from its previous 20th spot. On a positive note, it climbed one notch to 7th place among Central and Southern Asian economies.
In South Asia, Bangladesh finds itself behind India, Sri Lanka, and Pakistan but ahead of Nepal, according to the GII 2023 rankings. The top spots on the GII list for 2023 are occupied by Switzerland, Sweden, the United States, the United Kingdom, and Singapore, marking them as the world’s most innovative economies.
The GII 2023 utilizes 80 indicators to track innovation trends across more than 130 economies, providing valuable insights for policymakers and business leaders to foster human ingenuity. This year’s report is released against the backdrop of a sluggish economic recovery from the COVID-19 pandemic, coupled with challenges such as high interest rates and geopolitical conflicts.
Despite the drop in its overall ranking, Bangladesh exhibits strengths in innovation outputs compared to inputs in 2023. The report notes that Bangladesh ranks 114th in innovation inputs, which is lower than the previous year, but it fares better, ranking 89th in innovation outputs, showing improvement from the previous year. The country excels in creative outputs, knowledge and technology outputs, infrastructure, and market sophistication, but faces challenges in metrics related to business sophistication, human capital, and research and institutions.
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