Brazil displaced Chile as the leader in the region | Image: Pixabay
In the 2023 Global Innovation Index, Brazil has established itself as a Latin America country with the most innovations, followed by Chile and Mexico. Despite this distinction, the Amazonian nation remains in 49th place for the second consecutive year.
In the Latin American panorama, Chile and Mexico trail Brazil in terms of innovation, occupying the 52nd and 58th places globally, respectively. Although Brazil is currently the most innovative economy in Latin America in the annual index, it’s noteworthy to mention that Chile held this title for eight consecutive years. The Brazilian economy climbed five places compared to the previous year, while Chile has dropped two.
Other Latin American countries like Uruguay, Colombia, Argentina, and Costa Rica are ranked 63, 66, 73, and 74, respectively. It’s concerning to note that, except for Brazil, Mexico, Uruguay, and El Salvador, many nations in the region have lost ground in the index compared to the previous year. For instance, Peru experienced a significant drop of 11 spots, now ranking 76th. On the other hand, Guatemala, the lowest-ranked country from the region in the index, fell 12 steps and now stands at 122 out of 130 countries.
Global Innovation
In a broader context, the United States, one of the world’s largest economies, experienced a drop in the index, moving one position to occupy the third place in 2023. According to the World Intellectual Property Organization (WIPO), the United States now trails behind Switzerland and Sweden. These two countries lead the index of the most innovative nations among 132.
Despite this slight drop in the rankings, the United States continues to be an undisputed leader in its region and across the American continent. It stands out in market sophistication, holding the top global position in trade, diversification, and market scale. Additionally, it ranks second in terms of credit and fourth in investment.
The United States also ranks second in business sophistication and technological production. However, only some things are favorable for the superpower, as its weakest performance lies in infrastructure, where it stands at the 25th spot globally.
