Creative Productivity Index
Creative Productivity Index was designed by The Economic Intelligence Unit of Asian Development Bank and is used to study Asian knowledge economies on different parameters. The Index is a measure of creative productivity of these economies, the latter being an essential pre-requisite of strengthening knowledge-based systems. Thu, the index will serve as a great reference tool to assess their internal situations and foster creativity and innovation in Asia. It will ultimately serve as a basis to increase the tempo of economic development of these nations.
The developed nations invest a lot in physical infrastructure like transport systems, communication networks, power generation- the elementary factors in economic creativity and innovation. Likewise the developing economies have to make suitable investments in terms of infrastructure and time for a smooth transition from imitation-driven systems to innovation-led growth models as the latter are more sustainable and dependable. While broader measures vary in every country, basic policies that make it easier to set up businesses and create flexible labour markets that would benefit new entrants and attract investments should be implemented along with greater investment in education, skills, information and communications technologies, internet access etc.
The newly launched CPI by Asian Development Bank ranks Japan and the Republic of Korea as most efficient countries in the Asia and Pacific region at turning creative inputs into tangible innovation. Myanmar, Pakistan, and Cambodia, by contrast, are ranked as the least efficient innovators.