In 2023, South Korea led global business expenditure on R&D in natural sciences and engineering, valued at 40.96 million US Dollars PPP (2015), with a year-on-year increase of 4.33%. Taiwan demonstrated the highest growth at 10.76%, while Latvia, despite its smaller size, showcased significant growth at 14.02%. Russia and Poland also saw notable increases, whereas Mexico was the only country with a decrease in expenditure, declining by 6.92%. Over the past five years, a generally upward trend is observed, attributed to robust economic environments and strategic investments in R&D sectors.
Future trends to watch include increasing investments in R&D from emerging markets and the potential for geopolitical dynamics to impact funding allocations. Countries may focus more on technology-driven innovations, sustainability, and renewable energy sectors as priorities in their R&D investments continue to evolve.
Top countries in Business Enterprise Expenditure on R&D in Natural Sciences and Engineering Share by Country (Million US Dollars PPP = 2015)
| # | 10 Countries | Percent | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 South Korea | 40.96 | 2023 | +4.22% | +4.33% | View data |
| 2 | 2 Taiwan | 23.37 | 2023 | +10.74% | +10.76% | View data |
| 3 | 3 Russia | 10.56 | 2023 | +0.98% | +3.46% | View data |
| 4 | 4 Canada | 7.59 | 2023 | +1.43% | +1.46% | View data |
| 5 | 5 Poland | 5.8 | 2023 | +7.37% | +7.57% | View data |
| 6 | 6 Singapore | 3.24 | 2023 | +2.88% | +5.3% | View data |
| 7 | 7 Czech Republic | 2.29 | 2023 | +2.24% | +2.38% | View data |
| 8 | 8 Hungary | 1.9 | 2023 | +5.1% | +5.19% | View data |
| 9 | 9 Portugal | 1.76 | 2023 | +11.33% | +12.71% | View data |
| 10 | 10 Romania | 0.73 | 2023 | +4.21% | +2.22% | View data |
