The 2023 data highlights substantial R&D spending in South Korea and Taiwan, with South Korea leading significantly at $103.11 billion in PPP. Taiwan showed a strong 13.37% year-on-year growth, notable among the listed countries. Meanwhile, Russia and Canada also maintained moderate growth rates at 4.92% and 3.03% respectively. Mexico experienced a decline of 5.36%, contrasting with Latvia's sharp increase of 15.89%.
Over the past five years, a consistent increase in R&D spending is observable, with countries like Poland and Portugal outpacing others, driven by double-digit growth rates. This reflects a global trend of prioritizing innovation and technology development in natural sciences and engineering.
Future trends to watch include:
- An increasing focus on sustainable and clean technology to combat climate change challenges.
- Heightened investment in digital transformation across sectors, impacting R&D priorities.
- Potential shifts in geopolitical landscapes influencing R&D collaborations and investments globally.
Top countries in Business Enterprise Expenditure on R&D in Natural Sciences and Engineering by Country
| # | 10 Countries | Million US Dollars PPP | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 South Korea | 103,110 | 2023 | +5.2% | +5.44% | View data |
| 2 | 2 Taiwan | 61,100 | 2023 | +12.85% | +13.37% | View data |
| 3 | 3 Russia | 29,460 | 2023 | +2.37% | +4.92% | View data |
| 4 | 4 Canada | 20,050 | 2023 | +2.91% | +3.03% | View data |
| 5 | 5 Poland | 15,240 | 2023 | +8.54% | +9.85% | View data |
| 6 | 6 Singapore | 7,750 | 2023 | +3.18% | +5.67% | View data |
| 7 | 7 Czech Republic | 6,580 | 2023 | +5.01% | +5.25% | View data |
| 8 | 8 Hungary | 4,950 | 2023 | +6.04% | +7.03% | View data |
| 9 | 9 Portugal | 4,560 | 2023 | +11.26% | +14% | View data |
| 10 | 10 Romania | 2,200 | 2023 | +4.62% | +5.32% | View data |
