09/11/15- Australia Named Most Creative Economy

 

 

Creativity is increasingly the cornerstone of innovation and economic progress for nations across the globe.
 

A new study by the Martin Prosperity Institute, titled the Global Creativity Index 2015, presents a new model of economic development. The model of '3T' based on the following; 

T- Talent: Share of adults with higher education and workforce in the creative class 

T- Technology:Research and development investment, and patents per capita 
T- Tolerance: Treatment of immigrants, racial and ethnic minorities, gays and lesbians


Countries that scored highly on the index were seen as having higher levels of productivity — as measured by economic output per person and GDP per capita — as well as competitiveness and overall human development.

Studies indicate Australia amongst 139 nations followed by the US to rank first overall as the most creative economy in the world.


The top 10 most creative countries according to the GCI were:

 

Rank

Country

Tech

Talent

Tolerance

GCI

1

Australia

7

1

4

0.97

2

USA

4

3

11

0.95

3

New Zealand

7

8

3

0.949

4

Canada

13

14

1

0.92

5

Denmark

10

6

13

0.917

5

Finland

5

3

20

0.917

7

Sweden

11

8

10

0.915

8

Iceland

26

2

2

0.913

9

Singapore

7

5

23

0.896

10

Netherlands

20

11

6

0.889

 
 

 

This is evident in Australia’s economy transitions out of traditional structures to a more service-based economy, progress and innovation that “stem from diversity and openness to talented people across the board.” However while tolerance in Australia is featured in the top ten, other countries such as Canada and Iceland scored higher in this category suggesting there is room for improvement. The report says “places that are open to different kinds of people gain an edge in both attracting talent from across the spectrum and mobilizing new ideas” 


Image