From 2015 to 2023, South Korea's output of scientific research and development witnessed consistent growth. The value in 2023 stood at 96.473 Trillion South Korean Wons. The year-on-year percentage variation for 2022 was 1.89%, and for 2023 it was 1.82%, indicating a slowing growth trend. Over the past three years, CAGR dropped from 2.34% in 2022 to 1.45% by 2023. For the period from 2024 to 2028, forecasted trends suggest a modest CAGR of 1.28% with a cumulative growth rate of 6.55%.
Future trends to watch for include:
- Potential developments in automation and artificial intelligence.
- Growth in biotech and green technology sectors.
- Increased government and private investment in scientific research.
