Updated at 17:11,20-07-2018

Belarus fails to reach top 50 worlds most innovative economies

BelarusFeed / TUT.BY

Bloomberg has just released the ranking of the worlds most innovative economies and Belarus is nowhere close to it.

Nordic nations dominate the Top 15, while South Korea reigns supreme in the 2017 Bloomberg Innovation Index, which scores economies using factors including research and development spending and the concentration of high-tech public companies.

The ranking is based on six measurements parameters: research and development, manufacturing value added, productivity, hi-tech density, postsecondary education, research personnel, patents.

Belarus fails to reach top 50 worlds most innovative economies

Despite the note that Russia is the biggest loser in this years Bloomberg Innovation Index plunging 14 spots to No. 26, almost five times the size of the next-largest drop in the rankings, it and other neighbors of Belarus have been included in the ranking.

Poland is 22nd, Lithuania comes at 32nd place, Latvia is 39th, Ukraine made it to 42nd position. Kazakhstan, Belarus counterpart in the Eurasian Customs Union, is 48th.

Belarus did not make it to the rankings at all.

It should be noted that Bloombergs experts are not the only ones to assess Belarus efforts on the way to innovative economy as insufficient. For example, Belarus was only 79th place out of 128 countries in the Global Innovation Index 2016 by INSEAD, having lost 26 positions in comparison with 2015.