Brazil has greatest capacity for innovation in LatAm - WEF report

Brazil is the most highly ranked Latin American country in terms of capacity for innovation, at number 33 worldwide, according to a report by the World Economic Forum (WEF) on human capital.

The survey measured capacity for innovation based on the extent to which companies were perceived to obtain technology by conducting formal research and pioneering their own new products and processes.

Other highly ranked countries in Latin America included Costa Rica, at number 34 worldwide, and Panama at number 56.

Some countries in the region which ranked highly on the WEF’s networked readiness index, such as Chile and Uruguay, scored lower on the capacity for innovation scale, ranking at number 56 and 77 respectively.

Meanwhile, Latin America’s second largest economy, Mexico, ranked at number 65 worldwide for capacity for innovation.

Among the worst scoring countries in Latin America for capacity for innovation was Paraguay, which finished at number 101, while Trinidad and Tobago came in at 108.

Despite government efforts to boost local production of a range of technologies, including satellites, PCs and mobile devices, Venezuela was the lowest ranked Latin American country for capacity for innovation, at number 110 worldwide out of the 122 countries surveyed.