South Korea's R&D Spending Hits Record $90 Billion, Crossing 5% of GDP in 2024

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.