The Global Innovation Index (GII) is an annual report which details and ranks the innovation performance among 131 countries and economies. It is divided into 2 main pillars: (a) the Innovation Input Sub-Index, which includes institutions, human capital and research, infrastructure, market sophistication and business sophistication; and (b) Innovation Output Sub-Index, which includes knowledge and technology outputs and creative outputs.
The GII 2020 Report concludes that innovation will be impacted by the economic crisis associated with the coronavirus Covid-19 pandemic and that innovation financing is in decline for reasons owning to the pandemic. The Report further finds that the global innovation landscape is shifting with certain countries making noteworthy progress in their innovation rankings and mentions that Cyprus has been included in the GII economies with the most top-ranked GII indicators for 2020, in line with the country’s level of development. Moreover, the Report finds that although regional divides persist, selected economies have a strong innovation potential and concludes with its finding that innovation is currently focusing on the science and technology clusters in selected economies.
Cyprus ranks among the top economies in the GII 2020 Report – in particular:
• Cyprus ranks 2nd among the 19 economies in Northern Africa and Western Asia
• Cyprus ranks 28th among the 49 high-income group economies
• Cyprus ranks 29th among the 131 economies featured in the GII 2020 Report
The strengths of Cyprus, as mentioned in the Report, include Cyprus’ high scores in two GII pillars, namely institutions and knowledge and technology outputs, which are above average for the high-income group. In addition, compared to other economies in Northern Africa and Western Asia, Cyprus performs above average in all seven of the GII pillars. Visit the GII 2020 Cyprus Country Report for more information on Cyprus’ rankings.
