South Korea's R&D Spending Hits Record $90 Billion, Crossing 5% of GDP in 2024
South Korea's R&D spending reached a record $90 billion in 2024, exceeding 5% of its GDP for the first time. The surge, led by the private sector, signals a major push for technological leadership.
South Korea has crossed a critical threshold in the global tech race. The nation's combined research and development (R&D) spending soared to a record 131 trillion won (US$90 billion) in 2024, accounting for 5.13% of its gross domestic product (GDP), according to a government report released Friday. This marks the first time the country's R&D-to-GDP ratio has surpassed the 5% mark, up from 4.94% in 2023.
Private Sector Drives Record Investment
The massive spending was predominantly fueled by the private sector. Data from the Ministry of Science and ICT shows that private companies accounted for 106.6 trillion won, or roughly 81% of the total. Public research centers followed with 13.2 trillion won, and universities contributed 8.4 trillion won. The study was conducted under Organization for Economic Cooperation and Development (OECD) guidelines, surveying 69,042 organizations nationwide.
A Growing High-Skill Workforce
The surge in funding corresponds with an expansion of the country's research talent pool. The total number of researchers grew by 1.9% year-over-year to 615,063 in 2024. The report also highlighted a steady increase in diversity, with the proportion of female researchers rising to 24.2%, up from 23.7% the previous year.
Investor Advisory: This report reflects macro-level R&D trends in South Korea and does not guarantee the performance of any specific company or sector. Individual investment decisions should be based on thorough due diligence.
This content is AI-generated based on source articles. While we strive for accuracy, errors may occur. We recommend verifying with the original source.
Related Articles
The Bank of Korea (BOK) has outlined its 2026 monetary policy, stating that any further interest rate cuts will depend on a careful assessment of inflation, growth, and financial stability.
Major investment banks have lifted South Korea's 2026 inflation forecast to 2.0%, citing the persistently weak won. With the currency nearing 1,500 per dollar, import costs are rising, posing a dilemma for the Bank of Korea.
The U.S. economy grew by 4.3% in Q3, sending the S&P 500 to a record high. However, the strong data is dampening hopes for an early Fed rate cut, increasing market uncertainty.
South Korea's franchise sales hit $81 billion in 2024, but growth slowed to 6.8%, the lowest since the pandemic, signaling economic headwinds and sluggish job creation.
The Bank of Korea (BOK) has outlined its 2026 monetary policy, stating that any further interest rate cuts will depend on a careful assessment of inflation, growth, and financial stability.
Major investment banks have lifted South Korea's 2026 inflation forecast to 2.0%, citing the persistently weak won. With the currency nearing 1,500 per dollar, import costs are rising, posing a dilemma for the Bank of Korea.
The U.S. economy grew by 4.3% in Q3, sending the S&P 500 to a record high. However, the strong data is dampening hopes for an early Fed rate cut, increasing market uncertainty.
South Korea's franchise sales hit $81 billion in 2024, but growth slowed to 6.8%, the lowest since the pandemic, signaling economic headwinds and sluggish job creation.