The U.S. is back in the top 10.

South Korea was once again named the most innovative economy on earth, according to the 7th annual Bloomberg Innovation Index, which measures productivity, researcher and high-tech public company density, research and development spending, patent activity, manufacturing output and tertiary efficiency. For its part, South Korea spends a relatively high percentage of its GDP on research and development and scores highly on manufacturing output.

Source: The Visual Capitalist

This year, No. 2-ranked Germany nearly tied with South Korea as the most innovative economy. “Germany almost caught six-time champion South Korea on the strength of added-value from manufacturing and research intensity, much of it built around industrial giants such as Volkswagen AG, Robert Bosch GmbH and Daimler AG. Although South Korea extended its winning streak, its lead narrowed in part because of lower scores in patent activity,” Bloomberg wrote.

Germany bumped Switzerland out of the No. 2 spot into the No. 4 spot, right below Finland.

For its part, the United States once again cracked the top 10. In 2018, it fell to the No. 11 spot thanks to falling education scores. The U.S. ranks highly in terms of high-tech public company density and patent activity.

10 most innovative economies

1. South Korea

2. Germany

3. Finland

4. Switzerland

5. Israel

6. Singapore

7. Sweden

8. United States

9. Japan

10. France

Many of the countries on the list are wealthy nations — and Visual Capitalist, which created the graphic, points out why: “Innovation is complex─many factors play a role in the ideation, development, and commercialization of any new technology. And while innovation success can fuel economic growth, it is generally more accessible in high-income economies, where R&D funding is readily available.”