According to the OECD Israel is the country investing the most resources into Research and Development (R&D). R&D comprises of creative work undertaken on a systematic basis in order to increase the stock of human knowledge and to devise new applications based upon it. The World Economic Forum describes R&D as “the bedrock of innovation.”
Research and development is the bedrock of innovation. A big investment in R&D indicates a thriving and entrepreneurial industrial spirit, and figures from the Organisation for Economic Cooperation and Development (OECD) highlight the countries spending the most – and least – on this important driver of economic growth, which covers three activities: basic research, applied research and experimental development.
Scientists work in the Human and Molecular Genetics Centre Sequencing Core – Photo: Jim Young/ REUTERS
Israel and Korea are the biggest spenders on R&D at 4.21% and 4.15% of GDP respectively. Japan, Finland and Sweden complete the top 5.
Germany and the United States have similar levels of R&D investment at just under 3%, and while China has built its economy making products designed and developed overseas, its research spend is rapidly catching up at 2% of GDP.
Of the OECD member nations, Chile spends the least on R&D at 0.36%, with Romania and Mexico only slightly ahead.
If you’d like to learn more, read What is government’s role in sparking innovation?and 10 ways countries can improve their competitiveness.
About the Author:
Paul Muggeridge is Head of Content at Formative Content.
View original the Agenda publication at: https://agenda.weforum.org/2015/07/which-countries-spend-the-most-on-research-and-development/?utm_content=buffer00736&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer
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