Romania’s economy ranked 35th most innovative by Bloomberg, 3 spots higher than previous year

Romania has climbed three places, reaching spot 35, in a ranking by Bloomberg regarding the world’s 50 most innovative economies, led by South Korea and Sweden.

The ranking is created by calculating an index, using seven criteria, among which expenditures for research and development and the share of public companies in the high-tech industry.

Romania’s best ranking, on the 12^th position, was for added value of production. It was on 24^th place for the efficiency of tertiary education, 27^th for the density of high-tech companies, 31^st for productivity, 38^th in patent-related activities, 47^th for the concentration of research activities (the number of professionals involved in research activities per 1 million inhabitants), and on position 48 for the intensity of research activities (the weight of research and development expenditures in GDP).

The top 10 is completed by Singapore, Germany, Switzerland, Japan, Finland, Denmark, France and Israel. For the first time in the last six years, the United States did not make it to the top 10.

Russia climbed one spot, to 25, after losing 14 places in 2017 due to the western sanctions caused by the situation in Ukraine. Among eastern European states, the best performing were Hungary and Switzerland, who remained on places 27 and 28. Ahead of Romania we find countries like Greece and Lithuania.

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