Top 5 Most Innovative Countries in Latin America and the Caribbean in 2023

Top 5 Most Innovative Countries in Latin America and the Caribbean in 2023

In the face of current uncertainties, a promising horizon unfolds with signs of breakthroughs in artificial intelligence, energy, medicine, and transportation. Guided by Director General Daren Tang, the World Intellectual Property Organization (WIPO) remains resolute in its commitment to supporting all member states in nurturing growth through innovation. This dedication ensures the broad benefits of emerging scientific advancements and resultant innovations.

World Innovation Index 2023

The World Innovation Index 2023, comprehensively assessing the innovation ecosystems in 132 economies, offers a unique insight into the latest global trends in innovation.

Global Innovation Leaders in 2023

Latin America and the Caribbean

In the Latin America and Caribbean region, the index identifies the following innovation leaders:

  • Brazil (49th)
  • Chile (52nd)
  • Mexico (58th)

Other nations in the region showing improvement this year includes Uruguay (63rd) and El Salvador (95th).

Regional Breakdown

  • Uruguay: Distinguishes itself as the regional leader in institutions (31st).
  • Peru: Leads in human capital and research (50th).
  • Chile: Excels in infrastructure (52nd).
  • Brazil: Tops the region in business sophistication (39th) and knowledge and technology products (52nd).
  • Mexico: Leads in creative products (45th).

Country-specific Details

Brazil (49th)

Brazil ascends five positions this year, particularly excelling in the innovation products subindex (49th). Its performance is propelled by 16 unicorn companies, constituting 1.9% of its GDP in 2023. QuintoAndar, C6 Bank, and Creditas spearhead their respective sectors. Additionally, Brazil ranks among the top 15 globally in online public services (14th) and electronic participation (11th).

Uruguay (63rd) and El Salvador (95th)

Uruguay secures a position among the top 10 in policies for doing business (4th), imports (5th), exports of IT services (7th), and operational stability for businesses (10th). El Salvador excels in companies offering formal training (15th) and brands (20th).

This year, Brazil and Jamaica continue to exceed expectations relative to their development levels, while Costa Rica (74th) experiences a decline in results, falling below expectations for its level of development.

With the World Innovation Index 2023, it becomes evident that the Latin America and Caribbean region is dynamically contributing to the global momentum of innovation, with standout leaders shaping the landscape.