Israel is the second most innovative nation in the world, according to the World Economic Forum’s Global Competitiveness Report 2016-2017, which ranks countries’ competitiveness based on 12 categories, including innovation, technological readiness, business sophistication and higher education.
Of the 138 nations recently examined by the World Economic Forum for competitiveness, Israel ranks No. 24 (up three positions from last year) with significant strengths in innovation (No.2), venture capital availability (No. 2) quality of research institutions (No. 3), company spending on research and development (No. 3), and university-industry R&D collaboration (No. 3).
Ranking higher on this year’s list is a result of Israel’s continued growth momentum, which stands in contrast to some of the other countries in the region. “Although most of the oil-importing countries in the region are facing declining or stagnating competitiveness, Israel improves by three positions as it continues to build on its positioning as one of the most innovative economies in the world,” according to the report.