Singapore leads the world in innovation competitiveness while the US is ranked 4th in a field of 44 countries & regions but the EU member states (as a group) rank 19th, according to a report published by the Information Technology and Innovation Foundation (ITIF).
The report compared the EU and U.S. within a field of 40 nations and four regions on 16 key indicators of innovation-based competitiveness, such as scientists and engineers, corporate and government R&D, venture capital, productivity and trade performance. The top three positions in the list aside from Singapore are Finland and Sweden.
Despite the lower ratings, the report concludes that the EU has made marginally faster progress than the U.S. over the past decade—while America made little or no progress—with the EU ranked 28 and the U.S. 43. The relative improvement of the EU over the U.S. in the last decade is driven by EU and member state efforts through innovation incentives and lowered corporate tax rates to be more globally competitive. In contrast, the U.S. continued to have one of the highest corporate tax rates in the world.
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