Business-financed gross domestic expenditure on R&D in Singapore has experienced fluctuations over the last decade. From 2013 to 2017, the values varied, displaying notable decreases such as in 2016 (-6.83%) and 2017 (-7.64%). There was a positive uptick starting in 2019 with an 11.02% increase, followed by a significant rise in 2020 by 23.02%. The last two years, however, saw stabilization at around 1.19 GDP units.
The average annual growth rate over the last five years was 4.71%. As we look ahead, projections suggest that the expenditure will remain steady at about 1.19 GDP units from 2024 to 2028, with a minimal forecasted CAGR of 0.04%. The anticipated cumulative growth rate over these five years is expected to be around 0.21%.
Future trends to watch for:
- Potential impacts of global economic fluctuations on R&D investments
- Government policies and support for R&D activities in Singapore
- Emerging technologies and industry shifts that could influence R&D expenditures
- Development of strategic partnerships and collaborations within the R&D sector
