Singapore Rated No. 3 in Innovation Ranking; Hong Kong Is No. 37

Singapore moved up three places to No. 3 in the annual Bloomberg Innovation Index, which measures the world's economies on seven criteria, including R&D spending, concentration of listed high-tech companies, education, patent activity and tertiary education.

South Korea was ranked No. 1 for the fifth year running, with Sweden in second place. The United States, in ninth place last year, fell out of the top ten to 11th place, as it registered low scores in tertiary education efficiency, which includes the share of new science and engineering graduates in the labor force. 

China was ranked No. 19, up from 21 in 2017, but Hong Kong was way down in 37th spot, down two places. The special administrative region did well on productivity, but scored low in manufacturing value-added and R&D spending.

Below is the complete 2018 Innovation Index, which was compiled by global information and technology company Bloomberg: