A new survey of national innovation and competitiveness puts the US sixth among 40 nations. Singapore leads the pack.
The Washington-based Information Technology & Innovation Foundation ranked countries using indicators in 6 categories: economic performance, economic policy, entrepreneurship, human capital, innovation capacity and IT infrastructure.
Singapore came out on top or near the top for dozens of indicators, notably the ease of doing business and trade balance. The city-state’s trade balance as a percentage of GDP is a plus 29%, while the US’ stands at -6%.
The US aced GDP per working age adult at $ 83,422, and was second in a photo finish on key indicators like e-government, productivity and contributions to global scientific and technical publications.
But we scored only 7th in broadband connectivity and were dead last in corporate tax rates, with a whopping 32%. Ireland topped that category at 9.6%.
The Foundation lauds Singapore, where, according to the report technological innovation has become a “national obsession.”
“The rise of global economic competition means that the United States (needs to) proactively put in place national or continental economic development strategies,” the report warned.
The Foundation’s methodology differs from those in other analyses because it relies on hard data only, foregoing surveys. It also controls for country size rather than relying on aggregate data, according to BurrillReport.
To improve its standing, the Foundation recommends that the US enact tax incentives that stimulate R&D, welcome highly skilled immigrants, foster entrepreneurship development programs and expand funding for university research, among other things.
Sweden came in second in the survey, followed by Luxembourg, Denmark, and South Korea. The EU limped in at 18.