Bangladesh drops three notches within the World Innovation Index (GII) 2023 because it has underperformed different international locations in non-public sector lending and home business diversification.
The nation ranked a hundred and fifth within the newest GII, up from 102nd a 12 months in the past, in line with the report launched on September 27 by the UN company World Mental Property Group (WIPO).
Bangladesh’s rating in market sophistication, which incorporates diversification of credit score and home industries, has fallen to one hundredth this 12 months from 92nd final 12 months, the GII mentioned.
The rating drop noticed Bangladesh’s rating amongst 37 lower-income international locations drop to twenty second in 2023, down from twentieth the 12 months earlier than.
Nevertheless, Bangladesh may enhance its place by one notch to seventh amongst Central and South Asian economies.
Bangladesh lags behind India, Sri Lanka and Pakistan, however stays forward of Nepal in South Asia, in line with the GII 2023.
Switzerland, Sweden, the USA, the UK and Singapore are probably the most revolutionary economies on the earth this 12 months.
The GII 2023 makes use of 80 indicators to trace international innovation traits in additional than 130 economies, offering steering to policymakers and enterprise leaders in driving human ingenuity, WIPO mentioned.
This 12 months, the report’s findings are unveiled towards a backdrop of gradual financial restoration from the Covid-19 pandemic, excessive rates of interest and geopolitical battle.
Based on the report, a complete of 21 economies carried out higher than anticipated in innovation relative to their stage of improvement, and the bulk have been in Sub-Saharan Africa and Southeast Asia, East Asia and Oceania.
“India, the Republic of Moldova and Vietnam every ranked as innovation overachievers for 13 years in a row. Indonesia, Pakistan and Uzbekistan retained their overachiever standing for the second 12 months and Brazil for the third consecutive 12 months,” the report mentioned.
Based on the WIPO report, Bangladesh will carry out higher in innovation outputs than innovation inputs by 2023.
“This 12 months, Bangladesh ranks 114th when it comes to innovation inputs. This place is decrease than final 12 months,” the report mentioned. “Bangladesh ranks 89th when it comes to innovation outputs. This place is greater than final 12 months.”
The nation scores highest in artistic output, data and expertise output, infrastructure and market sophistication.
It performs poorly in enterprise sophistication, human capital, analysis and establishments.