Which Of The Following Is A Technology Related Indicator

Which Of The Following Is A Technology Related Indicator In the year 2021, a resolute resurgence was witnessed in Research and Experimental Development (R&D) expenditures within the realm of the OECD area, reinstating its upward trajectory preluding the onset of the COVID-19 crisis. Fresh insights gleaned from the OECD Main Science and Technology Indicators (MSTI) unveiled on March 31, 2023, and meticulously compiled with contributions from OECD members and select economies, underscore the encouraging growth of R&D spending within the OECD region. This growth amounted to a substantial 4.7% in inflation-adjusted terms for the year 2021, marking a commendable rebound from the 2% growth observed in the preceding year of 2020.

A notable trend emerged as R&D in the business sector reclaimed its position as the harbinger of R&D growth in the year 2021. On the contrary, the realms of government and higher education institutions appeared to have temporarily come to a standstill on the R&D front.

R&D’s Evolutionary Journey

Which Of The Following Is A Technology Related Indicator
Which Of The Following Is A Technology Related Indicator

Having its origins trace back to the aftermath of the 2009 global financial crisis, business entities have been leading the charge in bolstering R&D growth within the OECD landscape. This ascent continued unabated until the COVID-19 crisis disrupted the equilibrium. However, as the year 2021 dawned, the business sector once again seized the mantle, showcasing a remarkable 6.3% increase in R&D expenditure. Meanwhile, the higher education and government sectors recorded more modest increments of 0.4% and 0.5%, respectively, after trailing behind in the preceding year.

The unveiling of more comprehensive data from OECD nations over the past year prompted revisions to the figures released in the MSTI reports of March and September 2022. Consequently, the R&D growth for the year 2020 was revised upwards from 1.5% in March 2022 to a more optimistic 2%, attributed primarily to significant upward adjustments in the United States and the United Kingdom.

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Regional Disparities and Global Unveilings

Which Of The Following Is A Technology Related Indicator
Which Of The Following Is A Technology Related Indicator

The narrative of R&D growth in 2021 was imbued with a pervasive yet unevenly distributed trajectory across nations. Disparities in R&D expenditures on a global scale further accentuated this diversity.

Intensified R&D growth was most evident in the United States, soaring at 5.6%, and South Korea, with a remarkable 7.1% surge. Notably, countries like France, Germany, and Japan rebounded admirably, with R&D expenditures registering approximately 3% growth after grappling with negative growth in the preceding year.

Moreover, several economies within the OECD ambit reported staggering growth rates surpassing the 10% mark. Amidst these developments, the European Union’s (EU27) R&D expenditures climbed by 3.6%, effectively recovering from the 2.3% decline witnessed in 2020. Encouragingly, preliminary data from China suggests that its R&D expenditures in purchasing power-adjusted terms are poised to approach 80% of the total R&D carried out in the United States, a reflection of China’s formidable strides on the global R&D stage.

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R&D Intensity and the Echo of Economic Dynamics

Which Of The Following Is A Technology Related Indicator
Which Of The Following Is A Technology Related Indicator

As 2021 unfolded, the relationship between R&D intensity and economic dynamics experienced a nuanced shift. In contrast to 2020, where R&D growth outpaced GDP growth, the tables were turned in 2021. With economic recovery, R&D growth (4.7%) lagged behind GDP growth (5.6%). This reversal, however, illuminated a pertinent facet. R&D intensity, serving as a critical measure of domestic R&D expenditure as a percentage of GDP, could now be compared to pre-crisis levels, reflecting a commendable stance.

In the expansive landscape of the OECD, R&D intensity stood resolutely at 2.7% in 2021, a notable surge from the 2.56% witnessed in 2019. Similarly, the EU27 region witnessed a rise to 2.15% from 2.1%. Amidst this panorama, standout performers in R&D intensity included Israel, which reported a resounding 5.6% of GDP, and Korea, boasting a robust 4.9%.

Unveiling the MSTI

Which Of The Following Is A Technology Related Indicator
Which Of The Following Is A Technology Related Indicator

At the heart of the matter lies the OECD Main Science and Technology Indicators (MSTI), a statistical publication that traverses the realm of R&D. Crafted under the aegis of the OECD Working Party of National Experts on Science and Technology Indicators (NESTI), MSTI serves as a beacon of insights into the R&D endeavors undertaken by OECD member countries and select non-member economies.

In the fabric of MSTI, indicators elucidate the intricate interplay of financial and human resources devoted to R&D, complemented by an array of indicators gauging the outputs and potential outcomes of scientific and technological endeavors. Patents and international trade in R&D-intensive industries add depth to this narrative, forming an essential tapestry of innovation.

Encompassing a World of Data

R&D indicators are borne from the OECD’s Research and Development Statistics database (RDS), built upon data reported to the OECD and Eurostat as part of their joint international data collection on R&D resources. This is augmented by data from OECD databases on Patents and Bilateral Trade in Goods by Industry and End-use category. The rhythm of MSTI is governed by biannual releases in March and September, epitomizing the fluidity of R&D performance on a global scale.

The territory of MSTI is vast, spanning across 37 of the 38 OECD member countries, with data extending up to 2021 (2022 for R&D budgets). Costa Rica, the latest addition to the OECD family in May 2021, stands poised for inclusion pending validation of its R&D statistics. Within this expanse, R&D indicators also extend to the European Union (EU-27), along with non-member economies such as Argentina, China, Romania, Russia, Singapore, South Africa, and Chinese Taipei.

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As the wheels of time progress, the story of R&D continues to unfold. MSTI is not merely a compendium; it’s a window into the relentless march of innovation, offering insights into R&D’s intricate dance with the global landscape. Whether through the STI Scoreboard platform or the comprehensive OECD.stat service, accessing MSTI is akin to stepping into a realm where data becomes the canvas for the painting of progress.