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Economic Growth


 Economic Growth College how to write paper english class
Economic Growth

Innovation is known to be a key pillar to development and subsequent economic growth. The global innovation index has since 2007 gathered and presented data on innovation across the world. Economies have utilized these data sets in generating policies through insightful evaluation of their economic performance. Most policies worldwide are developed concerning the recorded and presented by the global innovation index (Bayona, & Wunsch-Vincent, 2019). The United Nations assembly has recognized the innovation index terming it as a gauge of innovation, thus ensuring development goals are reasonably developed.


The global innovation index is presented yearly, thus helping realize necessary efforts and improvements to influence innovation positively. Every economy across the world get a clear view of their performances and weaknesses in innovation. The innovation index facilitates the distinction of priorities by providing metrics of innovation of diverse economies worldwide. The 2019 Global innovation index reports several key aspects of innovation across the economies of the world. This paper presents a summary of the findings reported by the report.


Economies worldwide have been hit by strong turbulence; however, innovations have consistently thrived despite the economic challenges (Bayona, & Wunsch-Vincent, 2019). Trading is exposed to several challenges, while productivity around the globe is low. High levels of uncertainty exist within the economies around the world. Research and development depict the blossoming of innovation across the developed and developing economies. It reports excellence in both the formal innovations and the informal innovation modes within the economies.


Both developing and developed nations are pushing and facilitating innovations to expand economies and significantly improve their social developments (Zoo, de Vries, & Lee, 2017). Innovations within the economies are witnessed across all infrastructure and companies and not limited to companies related to technologies. This has consequently made countries to centralize their attention to developing and supporting dynamism in innovative systems. Significantly, countries have increased the investments made on innovative programs in all sectors of their economies. Scientists have mostly focused on providing solutions to scientific problems globally, thus recording a significant innovation worldwide.


The innovation index reports significant innovation improvements across the globe and mostly by the middle-income economies. Previously low levels of dynamism had been witnessed on the reports. The 2019 global innovation index reports several improvements across several economies, with China being recorded as the topmost middle-income economy on the rise. Switzerland, Sweden, and the United States have held the top charts as the most innovative economies worldwide. Israel is also the first economy in the western Asia and Northern Africa region to cling the 10th position according to the Global innovation index 2019.


Despite the positive innovation reports, Inputs, and outputs of innovation are highly concentrated within a small number of economies around the world (Index, 2019). Innovation is gradually shifting from high-income economies to middle-income economies. There exists a large and clear separating aspect between middle-income economies and large economies on innovation. It isn't easy to shift innovation from a middle-income economy to the high-income economies. However, India and China pustently break the existing barrier between the innovations in the middle-income economies and the large income economies (Index, 2019).


The globalized push for innovation does not gather similar fruits across the economies. Several countries harvest desirable returns from the innovation investments while others gain lowly. There is no consistency in investment to profit ratios in innovation across the economies. Economies have continuously and gradually pushed for quality in innovative practices from the previously quantified priorities. Quality has risen to be the topmost concern for innovations across the globe.


The United States, Germany, China, Brazil, India, Iran, and Russia top the science and technology charts recording high clusters (Index, 2019). In this section, China has also witnessed a commendable increase in clusters compared with the previous years. Medical and health practices have been the center of major innovations around scientific economies. However, it is depicted by the global innovation index that increased investments to innovation will significantly increase the quality of health and facilitate healthy living. Medical innovation requires further invests that will lead to quality and healthy lives. The 2019 global innovation index adequately prepares and guides economies on their priorities by displaying their innovation standards, thus pointing out improvement areas.


It essential to ensure high quality of affordable health care is sought after through innovative ways, for it greatly impacts the growth of economies. There exist a large gap in the world within the health provisioning sector; therefore, innovations in the medical field would consistently improve human life (Shih, 2020). The global innovation index reports an increase in quality across various innovative fields, including the medical sector. The academic sector has received qualitative focus across several economies, with China leading the middle-income economies in closing the gap with the high-income economies through increased innovations, which have significantly led to the rapid rise of their clusters. Middle-income economies have to face higher tasks and engage in more innovative systems while ensuring quality products from their innovations to ensure their innovation product is acceptable to the high-income economies.


References

Bayona, P., & Wunsch-Vincent, S. (2019). About the GII. Retrieved October 03, 2020, from https://www.globalinnovationindex.org/about-gii

Index, G. I. (2019). Global Innovation Index.

Shih, T. Y. (2020). Medical Cloud Service Innovation-The Case of Netown Company. International Journal of Research in Business Studies and Management. Volume 7, Issue 1, PP 1-11.

Zoo, H., de Vries, H. J., & Lee, H. (2017). Interplay of innovation and standardization: Exploring the relevance in developing countries. Technological Forecasting and Social Change, 118, 334-348. https://doi.org/10.1016/j.techfore.2017.02.033.

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