Russia collapses on innovation index economy rating

Russia has lost 14 positions on the ranking of countries with Bloomberg Innovation Index economy, having dropped to the 26th position. This is the most significant decline among all countries. The agency explained the drop with sanctions against Russia and consequences of declining oil prices.

The first place on the list is taken by South Korea. The top three continues with Sweden and Germany. South Korea tops the list because of the largest specific value of spending on scientific research and developments, patent activity, value-added production and level of high education, Interfax reports.

The ranking was calculated on the basis of costs on scientific research and development, as well as on the quantity of public high-tech companies in countries.

In 2016, Russia was ranked 12th on the ranking.

Experts believe that Russia's serious drop in the ranking does not mean that Russia has turned its back on innovation in production. Against the backdrop of international sanctions against Russia, the spending on innovations in production has declined.

President Putin noted earlier that Russia set a course for a new technological structure of its economy. Putin said in his address to the Federal Assembly that economy should be centered around talents and people who would be able to handle and implement ideas.

Not that long ago, Bloomberg included Russia on the list of most attractive countries for investors.

According to Swiss bank UBS Group AG, the return on carry trade ruble investment strategy in 2017 will make up 26 percent, which is the best result among the markets of Europe, Middle East and Africa.

Earlier, the International Monetary Fund announced that the Russian economy successfully overcame consequences of the double shock of falling oil prices and sanctions. The Russian economy has started showing signs of economic recovery, IMF experts said.


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Author`s name: Editorial Team