Has Covid-19 truly shifted global innovation power to Asia?

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Covid-19 Pandemic Has Accelerated a Geographical Shift in Global Innovation Towards Asia

The Covid-19 pandemic has demonstrably accelerated the long-term geographical shift of innovation activities from Europe and North America towards Asia. This trend is underscored by significant advancements in the innovation performance of several Asian economies, as highlighted in the Global Innovation Index 2021. While established innovation hubs in Europe and North America continue to be prominent, Asia's growing influence is reshaping the global innovation landscape.
South Korea and China Show Remarkable Innovation Gains

The Global Innovation Index 2021, compiled by the United Nations’ World Intellectual Property Organisation (WIPO), revealed a substantial surge in the innovation performance of both South Korea and China. South Korea, in particular, made a significant leap, climbing five places to secure the fifth position globally. China continued its upward trajectory, advancing two places to rank 12th. Notably, China remains the sole middle-income economy positioned within the top 30 global innovators, indicating its unique progress.
Middle-Income Economies Systematically Catching Up

Beyond the leading Asian economies, several other middle-income nations are systematically closing the innovation gap. Turkey, Vietnam, India, and the Philippines are identified as countries making consistent progress in their innovation capabilities. WIPO noted that these four large economies, in addition to China, collectively possess the potential to bring about lasting changes to the global innovation landscape.
Increased Innovation Investments Amidst Global Challenges

Despite the economic disruptions caused by the Covid-19 crisis, countries and businesses globally maintained and even increased their investments in innovation. This strategic commitment was driven by a clear objective to stimulate economic growth in the post-pandemic era. Evidence of this sustained investment is seen in the continued growth of scientific output, research and development activities, intellectual property filings, and venture capital deals throughout 2020. Companies operating in sectors directly involved in addressing the pandemic, such as pharmaceuticals and information technology, significantly intensified their innovation investments.

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Has Covid-19 truly shifted global innovation power to Asia?

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