Financing research and development around the world, in Southeast Europe and in Bosnia and Herzegovina
Financing research and development around the world, in Southeast Europe and in Bosnia and Herzegovina

Author(s): Fikret Čaušević
Subject(s): National Economy, Business Economy / Management, Economic history, Economic policy, Comparative politics, Transformation Period (1990 - 2010), Present Times (2010 - today)
Published by: Akademija Nauka i Umjetnosti Bosne i Hercegovine
Keywords: research and development (R&D); financing; world; Southeast Europe; Bosnia and Herzegovina; Economic Complexity Index;
Summary/Abstract: This paper analyses the financing of research and development, starting from the global and regional contexts and moving on to the specifics of such investment in Bosnia and Herzegovina. The first section presents an analysis of the global context and of the 10 highest investing countries, as well as a breakdown of the sources of such financing by sector. Based on the most recent data from UNESCO, which were for 2018 at the time of writing, South Korea and Japan invested most in research and development in relative terms, while the US and China did so in absolute terms. The second section contains a comparative analysis of investment in research and development by the countries of Central and Southeast Europe. This group is led by Slovenia, followed by the Czech Republic and Hungary. The third section is dedicated to the case of Bosnia and Herzegovina and certain factors affecting the country’s very low level of spending on research and development. The fourth section presents a number of successful examples of investment by Bosnian companies in key branches of industry where the country has achieved above-average results for the Southeast European region, as well as very good export results, as measured by the Economic Complexity and the Product Complexity indices.

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