By Kang Gahui

The country's research and development (R&D) spending in science and technology as a percentage of gross domestic product (GDP) is second in the world, a Japanese think tank says.

A report on science and technology indicators released on Sept. 7 by the National Institute of Science and Technology Policy (NISTEP) under Japan's Ministry of Education, Culture, Sports, Science and Technology found that Korea's R&D expenditures by the government, business, academia and nonprofit organizations in 2024 reached KRW 131.04 trillion (JPY 15.29 trillion).

Korea spent an amount equal to 5.13% of GDP on R&D, second only to Israel (6.76%) among the 24 countries and regions surveyed. 

Korea's figure surpassed those of Sweden (3.56%), the U.S. (3.44%), Japan (3.44%), U.K. (2.75%), China (2.69%) and the 27 member states of the European Union (2.13%).

The report said Korea's R&D spending as a percentage of GDP since the 2000s has surged to top major economies, adding that along with China, Korea has raised such expenditures in tandem with economic growth.

In amount, China led the world in R&D spending with JPY 97.14 trillion, surpassing the U.S. (JPY 95.33 trillion) for the first time for the top spot. 

kgh89@korea.kr