Romania ranks 38th in 50 on Bloomberg Innovation Index

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Nordic states rank first in the 2017 Bloomberg Innovation Index, an economy chart which scores economies using factors including research and development spending and the concentration of high-tech public companies. Nordic nations dominate the top 15, while South Korea reigns supreme.

With a score of 57.06 Romania ranks 38th in 50, being outranked by countries such as Greece, no. 30, Czechia, no.28, Hungary, no 27 or Poland, no.22. Romania has got the best score, no.14 on manufacturing value-added, but ranked 49th on R&D intensity, meaning the research and development expenditure allotted from the GDP.

In the battle of ideas, Sweden climbed to No. 2 and Finland cracked into the top five of the index.

South Korea remained the big winner, topping the international charts in R&D intensity, value-added manufacturing and patent activity and with top-five rankings in high-tech density, higher education and researcher concentration. Scant progress in improving its productivity score — now No. 32 in the world — helps explain why South Korea’s lead narrowed in the past year.

Silver medal winner Sweden owes most of its rise to improvement in the manufacturing value-added metric, while Nordic neighbor Finland jumped two spots in large part because of the rise of high-tech firms in the country. Norway held its No. 14 spot from last year.

The biggest loser in this year’s Bloomberg Innovation Index was Russia, plunging 14 spots to No. 26, almost five times the size of the next-largest drop in the rankings. Battered by sanctions and the after-effects of a couple years of subdued energy prices, Russia’s solid scores last year in manufacturing and productivity were destroyed in this year’s tally.

Japan, where the yen is still struggling to recover from an almost two-year slide, dropped the most of any economy in the top 25, moving to No. 7 from No. 4 as they lost their best-in-world distinction for patent activity.

The U.S. fell one spot to No. 9, while Israel moved up one notch to No. 10. China held its title as the strongest-ranked emerging market, at No. 21, as it improved its tertiary education score while its high-tech concentration wavered.

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