Advancing Global Innovation Metrics: A Comprehensive Country Ranking Using the Novel LOPCOW-CoCoSo Model

In today'sCountry ranking rapidly evolving world, innovationInnovation plays a crucial role in a country’s economic well-being. This research presents a new approach to assessing and ranking nations based on their innovationInnovation capabilities. Using a wide range of indicators from the OECD guidelines, the study examines various aspects of innovationInnovation, such as research and development (R&D), collaborationR&D Collaboration, and the economic impact of innovative efforts. The study uses the LOPCOW methodLopcow method to carefully weigh these indicators and the COCOSO methodCocoso method to systematically classify countries. This comprehensive analysis highlights global innovationInnovation competencies. Our results reveal clear patterns in global innovationInnovation. We see that traditionally innovative countries continue to be ahead. In addition, the methodology used covers specific criteria that involve not only the development of new technologies, but also the improvement of the production process and innovationsInnovation in services and policies. It ensures comprehensive coverage and represents national innovationInnovation capabilities in multiple dimensions. Therefore, the presented research validates the efficiency of the integrated LOPCOW-COCOSO methodCocoso method in sorting countries according to the level of innovationInnovation and provides useful insights for policymakers, industry leaders, and researchers.