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“Innovate or perish” may be a Western management mantra, but Asia is reportedly winning the race.

According to Bloomberg’s 2015 ranking of the world’s 50 most innovative countries, South Korea claimed top spot ahead of second-placed Japan, with Singapore ranked eighth, Australia 13th and New Zealand 18th. Other Asian countries that made the list comprised China (22nd), Malaysia (27th) and Hong Kong (34th), with Thailand in 46th place.