By i24NEWS - January 22, 2019

Israel is the fifth most innovative economy in the world, according to Bloomberg’s annual Innovation Index which was published on Tuesday.

Bloomberg’s Index, in its seventh year, ranked Israel fifth on its list of 60 economies, bumping up the Jewish state five spots from last year where it was ranked 10th.

Seven metrics are used to rank the economies, including research and development spending, manufacturing capability and concentration of high-tech public companies.

South Korea came in first, Germany second, followed by Finland and Switzerland.

Israeli Prime Minister Benjamin Netanyahu hailed the ranking as another of sign of his country's rising global status.

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