The World Economic Forum’s 2016-2017 Global Competitiveness Report shows that Israel is the second-best place for innovation in the world, following Switzerland. The annual report assesses the competitiveness landscape of 138 economies.

Israel also ranks high on university-industry collaboration in R&D (3rd), company spending on R&D (3rd), quality of scientific research institutions (3rd), patents registered through the Patent Cooperation Treaty (5th), availability of latest technologies (6th), and availability of scientists and engineers (8th).

The report’s ranking is based on the Global Competitiveness Index, which was introduced in 2005. Scores are calculated from 12 categories: institutions, infrastructure, macroeconomic environment, health and primary education, higher education and training, goods market efficiency, labor market efficiency, financial market development, technological readiness, market size, business sophistication, and innovation.

“The report is an annual assessment of the factors driving productivity and prosperity in 138 countries,” the Forum explained in a statement. “The degree to which economies are open to international trade in goods and services is directly linked to both economic growth and a nation’s innovative potential.”

Israel’s overall economic ranking rose to 24th, three positions better than last year. The top three consisted of Switzerland, Singapore, and the United States.

(via Israel21c)

[Photo: Orel Cohen/FLASH90 ]