How The World'S Most Innovative Countries Evolved In The Period 2020-2022

As a factor that boosts value, increases competitiveness and drives growth, innovation plays a key role in today’s hypercompetitive global economic environment. This is why both countries and organizations have understood the need to look for new paths to constantly innovate because innovation has become critical in any field of activity. A nation’s competitiveness highly depends on its capacity to innovate. At a macro level, governments and policymakers have made significant efforts to invest in the right type of products, services, technologies and industries, especially since the emergence of the COVID-19 pandemic. Building strong and endurable national innovation ecosystems has become a major concern for governments around the world. The success of this initiative depends on numerous elements, such as the existence of an entrepreneurial culture, the development of knowledge-generation institutions (e.g., universities) and the expansion of public investments in research and development (R&D). The papery aims to briefly define the concept of innovation and present the ranking of the world’s most innovative countries in the period 2020-2022. The paper offers a theoretical framework for a deeper understanding of the concept of innovation as it highly contributes to the economic success of a country. Also, it presents the evolution of the top ten of the most innovative countries of the world in the period 2020-2022 and emphasizes the domination of the European countries.