Lebanon Businessnews News
 

Drop in country's innovation rank
Political instability and low spending
on education among negative factors
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Lebanon was ranked 75th out of 142 countries on the Global Innovation Index 2013, down by 14 places compared to last year. The country scored 35.47 over 100, trailing behind Jordan, Tunisia, Kuwait, Qatar, and Saudi Arabia.

The Global Innovation Index 2013 is co-published by the Cornell University, INSEAD, and the World Intellectual Property Organization (WIPO).

The index comprises six measurements: Institutions and political stability, human capital and research, infrastructure and market sophistication, business sophistication, knowledge and technology outputs, and creative outputs.

The report said the main hindrances blocking the development of innovation locally include political instability, low public spending on education, difficult access to finance, the immature state of cluster development, and the immature ICT and business model creation.

The index mentioned some recommendations to improve innovation in Middle Eastern countries. These include improving institutional frameworks, enhancing infrastructures, and allowing for deeper integration in global markets.
Reported by Rana Freifer
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Date Posted: Jul 09, 2013