Bangkok — Investment in science, technology and innovation (STI) needs to be the backbone of productivity-led economic recovery and sustainable development. Despite significant increases in productivity over the past few decades, economic growth in developing economies of Asia and the Pacific has been primarily driven by factor accumulation. However, the average rate of productivity growth slowed between 2000-2007 and 2008-2014 by 65%, which has contributed to the economic slowdown and can undermine efforts to effectively pursue the 2030 Agenda for Sustainable Development. We must revive growth in productivity, one of the keys to which is a highly-skilled labor force.
The good news is that the Asia-Pacific region is already home to some of the most dynamic and innovative economies in the world. The Economic and Social Commission for Asia and the Pacific (ESCAP)'s new report, Harnessing Science, Technology and Innovation for Inclusive and Sustainable Development in the Asia Pacific, shows that these economies are consistently ranked as leaders in innovative business environments (e.g. Singapore), socially inclusive government initiatives (e.g. Republic of Korea) and complex scientific research (e.g. China). A number of Asia-Pacific economies also rank among the best in terms of research spending as a share of GDP, with the region accounting for almost 43% of global research and development (R&D) expenditure. In 2013 alone, Asian developing economies spent more than $650 billion on R&D.
...