The Total Gross Domestic Expenditure on Research and Development (R&D) in Singapore has shown consistent growth over the past decade, rising from 7.57 thousand persons in 2013 to 10.79 thousand persons in 2023. Observing the year-on-year variations, there has been a tendency towards a decelerating growth rate, with 12.7% in 2014 down to 2.4% by 2023. The Compound Annual Growth Rate (CAGR) over the last five years stood at 2.64%, indicating a stable upward trend.
Future projections from 2024 to 2028 forecast a continued rise, estimating around 11.98 thousand persons by 2028 with a 5-year CAGR of 1.65% and an overall growth of 8.54% within this period. Although the growth rate is expected to decelerate, the increase remains steady.
Future trends to watch for include:
- The impact of government policies on R&D investment.
- Technological advancements that may drive new fields of research.
- Global economic conditions affecting private sector R&D budgets.
- Shifts in talent acquisition and retention within the R&D sector.
- Increasing partnerships between public institutions and private enterprises.
