Singapore is the third most innovative country: Bloomberg

It has been praised for its education, especially in the STEM disciplines.

According to Bloomberg, the US dropped out of the top 10 in the 2018 Bloomberg Innovation Index for the first time in the six years the gauge has been compiled. South Korea and Sweden retained their No. 1 and No. 2 rankings.

Singapore jumped ahead of European economies Germany, Switzerland and Finland into third place on the strength of its top ranking in the tertiary-efficiency category.

The index scores countries using seven criteria, including research and development spending and concentration of high-tech public companies.

Read the full report here.

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