Based on the latest information and indicators in science and innovation, the OECD Science, Technology and Industry Outlook 2012 reviews key trends in STI policies and performance in OECD countries and major emerging economies, and across a number of thematic areas. In this edition, individual policy profiles and country profiles trace the driving role that science, technology and innovation are expected to continue to play towards a sustainable and lasting recovery from the economic crisis.
- 13 Sep 2012
Innovation in the crisis and beyond
This chapter provides an overview of the impact of the global financial and public debt crises on innovation. The global financial crisis negatively affected business innovation and R&D. Enterprise creation seems not to have recovered and business bankruptcies have increased significantly. The chapter shows substantial differences in performance across countries, sectors, businesses and types of innovation. Future trends in innovation in most developed countries are uncertain. In particular, long-term damages to innovation systems occur when long-term skilled unemployment rises and public support of innovation is weakened. Finally, many countries have implemented policies to respond to the crisis that include innovation, although budgetary constraints have put pressure on governmental support of innovation.