The Brazilian UOL website reports that Brazil is one of the economies with the fastest growth in IGI scores in recent years. Brazil rose to 49th place in this year's ranking, up from 54th in the world in 2022. Before this year, Brazil had been outside the top 50 for 12 years. According to the 2023 ranking, Switzerland, Sweden and the United States are the top three countries in the world.

According to the survey data, Brazil scored highly this year in the sub-indicators "online government services" (14th in the world) and "participation in electronic technology" (11th in the world). In addition, the value of Brazil's 16 unicorns (ranked 22nd) also shines, accounting for an estimated 1.9% of the country's gross domestic product (GDP) in 2023.

Although Brazil has moved up the rankings this year, experts believe it is still below its potential. Created in 2007, the Global Innovation Index is conducted by the World Intellectual Property Organization (WIPO) in collaboration with the Portulans Institute in the United States and with support from partners such as the Brazilian CNI. Brazil's best previous ranking was 47th in the world in 2011.

CNI President Robson Andrade said: "We have a lot of untapped potential to help improve Brazil's innovation ecosystem. We need to develop more modern and up-to-date public policies. For this, IGI data plays an important role in helping us understand Brazil's strengths and weaknesses."

In this year's ranking, Brazil ranks ahead of the rest of Latin America. In second place in the region is Chile, which was ahead of Brazil last year and is now 52nd in the world. The third country in the region is Mexico, which ranks 58th globally.