Innovation investment growth at 15-year-low: UN

GROWTH in global innovation funding has fallen to its lowest rate since 2010, UN projections showed Tuesday, as high inflation eats into research and development spending and as venture capital deals slump.

- AFP

In its annual ranking of the world's most innovative economies, the World Intellectual Property Organization (WIPO) placed Switzerland at the top of the list for the 15th consecutive year.

Sweden and the United States retained their second and third place positions for the third year running, while China edged its way one spot higher and into the top 10.

But while the ranking picture largely resembled that of recent years, the United Nations patent agency cautioned that global innovation funding growth had notably slowed.

"The fuel powering the engine of innovation, which is capital, which is financing, is not as abundant as before," WIPO chief Daren Tang told reporters.