In 2023, South Korea's investment in R&D stood at 4.5% of GDP. Forecasts indicate a consistent upward trend in R&D investment from 2024 to 2028, with values increasing from 4.6% to 4.9%. The projected year-on-year growth between 2024 and 2028 shows a steady increase of approximately 0.1% annually. The compound annual growth rate (CAGR) for the period from 2024 to 2028 is around 1.7% annually.
Future trends to watch for include the impact of government policies aimed at boosting innovation, the role of emerging technologies such as AI and biotechnology, and global competitive pressures that may influence South Korea's R&D expenditure. Additionally, collaboration between the public and private sectors will be crucial in sustaining this growth trajectory.
