Technology is by all accounts, controlling the world now, as every single individual, organization and even countries are hopping onto it with all the energy it requires. Now, the race for tech advancement between countries goes on forever.
Along these lines, Global Finance Magazine has released a new rankings for national innovative strength in light of a one of a kind arrangement of coordinated metrics.
The two essential measures of technolgical accessibility are internet users as a level of a country’s populace and LTE users as a percentage of the populace.
The third measurement is a Digital Competitiveness Score, made and ordered by the IMD World Competitiveness Center. This score is a blend of elements including tech knowledge, preparedness for developing new technologies, and the capability to create and advance innovations.
The last measurement used by Global Finance Magazine is the piece of GDP a country spends on innovative work which fills in as an agent mark of how significant technological development is to a given government.
Consolidating these metrics to produce a ranking of national tech strength leads to some interesting results. Israel has taken the 10th spot, ahead of larger or more economically developed countries such as Singapore, Germany, the United Kingdom, and Hong Kong. Israel lags all these countries in smartphone penetration and Israel’s population does not score very highly on internet usage.
However, Israel invests a much higher portion of its GDP into technological research and development than any other country on the list. It also experienced a rapid boom in tech start-ups and innovative companies, leading to significant growth in both its private and public tech sectors.
Another intriguing outcome is that resource-dependent countries have high scores in internet use, but low in general rankings. Countries like the United Arab Emirates (18), Qatar (25), Saudi Arabia (40), and Russia (44) rank moderately inadequately compared with other countries with lower GDP per capita and lower web use.
The reasons are multifaceted, but lend credence to the “resource revile”: countries that rely on the export of natural resources for a large portion of their economy end up suffering from lack of innovation and development.
Regardless of having almost 100 percent of their populaces connected with the internet, both the UAE and Qatar have low degrees of advancement and contribute just little parcels of their GDP into tech work. This places these cpuntries in a challenging position on the grounds that, with almost 100 percent of their populace connected with the internet, there is no place for growth on this specific measurement.
By contrast, countries with dynamic multi-faceted economies such as Denmark (3), Japan (7), and Germany (13) that invest heavily into research and development are better prepared to reap the benefits.
An interesting feature of this year’s ranking is that countries with high internet use are likely to have such because of high economic development, but not necessarily technological development.
Countries such as the United Arab Emirates (18), Qatar (25), Iceland (20), and Luxembourg(24) all have high proportions of their population that use the internet. However, these countries all score lower in LTE penetration, IMD World Competitiveness Center’s Digital Competitiveness Score, and their investment into research and development.
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Internet use as a percentage of population seems to be more strongly correlated with per capita GDP than to tech advancement. It is not just important to make the internet available to the population, but to provide further support for innovation.
Countries in East Asia and Europe dominated the highest spots in the rankings. Of the 20 top ranked countries, 10 were in Europe and 5 in East Asia, showing a strong regional element in the race for technological advancement. However, a critical thing to note is the variation of scores within Europe.
Nordic countries such as Denmark (3) and Sweden (5) dominate the top 10 while Eastern European countries such as Hungary (36) and Poland (35) fall towards the lower end. In the middle are Western and Central European countries. It remains to be seen whether this wide disparity within Europe continues to grow or decline.
The following is Global Finance’s 2022 Ranking of the World’s Most Technologically Advanced Countries
Ranking || Country || Composite Score
1 South Korea 6.52
2 United States 5.10
3 Denmark 5.02
4 Switzerland 4.72
5 Sweden 4.63
6 Taiwan 4.59
7 Japan 3.94
8 Netherlands 3.90
9 Finland 3.89
10 Israel 3.86
11 Singapore 3.79
12 Norway 3.53
13 Germany 3.46
14 Belgium 3.30
15 Austria 2.97
16 Canada 2.89
17 United Kingdom 2.84
18 United Arab Emirates 2.55
19 Hong Kong SAR 2.54
20 Iceland 2.23
21 Australia 2.00
22 Estonia 1.80
23 France 1.61
24 Luxembourg 1.32
25 Qatar 1.28
26 Slovenia 1.21
27 Czech Republic 0.88
28 Spain 0.57
29 New Zealand 0.46
30 Lithuania 0.45
31 Ireland 0.44
32 China 0.26
33 Malaysia 0.26
34 Cyprus -0.02
35 Poland -0.14
36 Hungary -0.15
37 Latvia -0.31
38 Slovak Republic -0.36
39 Portugal -0.49
40 Saudi Arabia -0.74
41 Italy -0.89
42 Thailand -1.32
43 Greece -1.33
44 Russia -1.37
45 Croatia -1.98
46 Romania -1.98
47 Turkey -2.25
48 Chile -2.47
49 Kazakhstan -2.55
50 Bulgaria -2.59
About Global Finance Magazine:
Global Finance is an English-language monthly financial magazine. The magazine was founded in 1987 by Joseph D. Giarraputo, the founder and former publisher of Venture, Carl G. Burgen, Stephan Spahn, H. Allen Fernald, and Paolo Panerai, and covers the topic of financial globalization. Their first issue was in 1987, with over 50,000 circulations worldwide.
