SEOUL, Nov. 14 (Korea Bizwire) – South Korea was the world’s most research and development intensive country in 2012, spending 4.36 percent of GDP on R&D, according to the OECD Science, Technology and Industry Outlook 2014. Korea also was the top at the R&D spending rate out of the total revenue, representing 3.4 percent. The report stated that Korea showed positive results in developing ICT infrastructure, investment in higher education and active patent applications.
However, it is reported that Korea was weak at international exchange areas such as the ratio of joint research with overseas institutions as well as joint patent applications, and influx of overseas R&D budgets. It is because R&D spending has been focused on large companies, and public research centers only carried out practical studies with commercial implications in mind. It also said that Korea needs to globalize its efforts in science and technology to improve its performance.
The report found that R&D spending by most OECD governments and institutions has yet to recover from the economic crisis. The annual growth rate in R&D spending among OECD countries stood at 1.6 percent between 2008 and 2012, halved from the rate from 2002 to 2008.
Over the last decade from 2002, R&D spending continued to rise in the BRIICS (Brazil, Russia, India, Indonesia, China and South Africa) while major countries including the United States, Japan and the European Union reduced the budgets.
Even though the U.S. spent the most in 2012, representing 32 percent followed by China (19%) and Japan (11%), China is expected to be the world’s top R&D spender by 2019.
By Veronica Huh (email@example.com)