RIGA - In the latest Global Innovation Index, Latvia ranks 34th which is a better result than Lithuania's 40th place but below Estonia that has been recognized as the 24th most innovative country in the world.
The Global Innovation Index provides detailed metrics about the innovation performance of 126 world countries based on a number of indicators that explore a broad vision of innovation, including political environment, education, infrastructure and business sophistication.
Out of seven innovation input and output sub-indices, Latvia received the best score in Creative Outputs where it was ranked 23rd in the world. Latvia was ranked 24th in Market Sophistication, 31st in Institutions, 36th in Business Sophistication, 45th in Infrastructure, 51st in Knowledge and Technology Outputs and 53rd in Human Capital and Research.
The most innovative country in the world is Switzerland, followed by the Netherlands, Sweden, the United Kingdom, Singapore, the United States, Finland, Denmark, Germany and Ireland while Burkina Faso, Togo and Yemen are at the bottom of the list.
Last year Latvia's ranking was 33rd, Estonia was 25th and Lithuania 40th.
The Global Innovation Index 2018 is the 11th edition of the Global Innovation Index which is the result of a collaboration between Cornell University (U.S.), INSEAD graduate business school (France), and the World Intellectual Property Organization (WIPO).