This archive report was first published on 30 August 2019.
As the world continues to evolve, relevance is key to success. Nations, companies, and individuals that stay ahead of the curve by understanding trends and investing in research and development are the ones that thrive.
According to the Unesco Institute of Statistics, global spending on research and development has reached a record high of almost $1.7 trillion. However, only 10 countries account for 80% of this spending.
Let's take a closer look at some of these countries. The US, for instance, spends 2.7% of its GDP on research and development, with the business sector leading the way. China, on the other hand, spends 2% of its GDP on R&D, with businesses also taking the lead.
Japan, a country with a population of 126 million, spends 3.4% of its GDP on research and development, with businesses investing a whopping $131 billion. The Republic of Korea, with a population of 51.4 million, spends 4.3% of its GDP on R&D, with businesses leading the way at over $57 billion.
Now, let's turn our attention to Africa. Nigeria, the continent's giant, spends a mere 0.2% of its GDP on research and development, with universities leading the way. Zambia spends 0.3% of its GDP on R&D, with private non-profit organisations taking the lead. Uganda spends 0.2% of its GDP on R&D, with government and universities leading the way. Kenya, on the other hand, spends 0.8% of its GDP on R&D, with government, universities, and private non-profit organisations leading the way.
As we can see, Africa's spending on research and development is lagging behind developed countries. However, by investing in R&D, Africa can win the future and stay relevant in the global economy.
