Switzerland continues in the lead as the world's most innovative country, ahead of Sweden, the US, Netherlands, UK, Finland, Denmark, Singapore, Germany and Israel.

Slovenia placed a spot after Italy and one ahead of Portugal. Among the neighbouring countries, Austria ranks 21st, Hungary 33rd and Croatia 44th.

The report finds that innovation is blossoming despite economic slowdown, but also notes two concerns: one is that public R&D expenditures in some high-income economies grow slowly or not at all, while the other is increased protectionism.