Russia is the 12th most innovative economy

In terms of innovation, Russia is in the top 15 of global economies (namely 12th), outpacing Austria, Norway, Belgium, the UK and China, according to the 2016 Bloomberg Innovation Index.

The index scored economies using factors including research and development spending and concentration of high-tech public companies. Russia took the leading position in terms of researcher concentration. According to the Index, South Korea is the world’s most innovative economy. It is followed by Germany, Sweden, Japan and Switzerland.

Six of the top 10 economies are in Europe, and three in Asia. Belgium takes the 16th place in the world.

“If you’re a really innovative economy, everything else equal, you’re going to tend to have higher productivity growth, and that goes hand-in-hand with rising living standards over time,” said Jay Bryson, global economist at Wells Fargo Securities in Charlotte, North Carolina. “The pie expands for everyone.”