Start-Up Nation: Israel spends most money in the world on R&D - WEF

Israel spends the highest percent of its GDP on research and development, followed by South Korea, Switzerland, Sweden and Japan.

NOVEMBER 5, 2020 23:02

Coronavirus & Israeli Tech (photo credit: JERUSALEM POST) — Coronavirus & Israeli Tech

(photo credit: JERUSALEM POST)

Israel is the #1 country in a list of the top five countries in the world who spend the most money on research and development, the World Economic Forum (WEF) reported on Thursday.

Israel spends 4.95% of its gross domestic product (GDP) on research and technology in 2018, according to the World Bank, most of which went into computer systems, cybersecurity, AI and medical research. GDP is the measure of market value of goods and services throughout a certain period of time in a country.

Israel is also a leader in drone technology, according to the WEF report, and so some funds in development went to that sector, too.

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— World Economic Forum (@wef) November 5, 2020

South Korea comes in second place with 4.81% of its GDP spent on research and innovation. The country is a leader in pursuing new scientific knowledge, according to the WEF, and allows small businesses to share state equipment in order to achieve breakthroughs in science and technology.

Switzerland is in third place, spending 3.37% of its GDP on research and development, making it the country to spend the most GDP on research and development in all of Europe. In addition, it produces more research papers per 1,000 inhabitants than anywhere on earth, according to the Federal Council of Switzerland.

Sweden, which excels in green technology and life sciences, is in fourth place.

In fifth place is Japan, with 3.26% of its GDP spend on research.

"Innovation is crucial as we seek to move towards a fairer, more sustainable economy," the WEF stated in an informational video on the subject. It explained that innovation allows us to "meet challenges such as climate change and COVID-19."

Israel has regularly invested in research and development projects, both in the country and throughout the world. Prime Minister Benjamin Netanyahu announced back in May that Israel would invest $60 million in research and development of a coronavirus vaccine. Since then, the Israel Institute for Biological Research has developed a vaccine that, in the past week, entered its Phase I human trials.