Geneva – No other country in the world is as capable of innovation as is Germany, according to an analysis by the World Economic Forum (WEF). German entrepreneurs like to take risks while science and industry are developing a great deal of patentable innovations.
In its Global Competitiveness Report for 2018 the Geneva-based WEF said Germany tops the innovation list, followed by the United States. Among other determining factors were the number of patents reported, scientific studies published and the satisfaction of customers with German products – all things which stimulated companies to seek further improvements and innovations.
In the overall competitiveness rankings – which include the strength of the financial system, infrastructure, education and health services – Germany ranked third behind the United States and Singapore. Last year Germany ranked fifth, but the WEF stressed that the two years cannot be compared because of completely new evaluation methods that were employed.