The OECD has just published the “Science, Technology and Industry Outlook 2014.” According to the report squeezed R&D budgets in the EU, Japan and US are reducing the weight of advanced economies in science and technology research, patent applications and scientific publications and leaving China on track to be the world’s top R&D spender by around 2019.
Annual growth in R&D spending across OECD countries was 1.6% over 2008-12, half the rate of 2001-08 as public R&D budgets stagnated or shrank in many countries and business investment was subdued. China’s R&D spending meanwhile doubled from 2008 to 2012.
European countries are diverging in R&D as some move closer to their R&D/GDP targets (Denmark, Germany) and others (Portugal, Spain) fall further behind.
The full OECD Science, Technology and Industry Outlook 2014 is available for the IESE Community here.