Financing the development of science and innovation in the Republic of Belarus

The strategic priority for the innovative development of Belarus is the formation of a technology intensive sector based on the V and VI technological modes in addition to the traditional sectors of the national economy. However, the scientific and technical potential of the Republic of Belarus is currently not fully utilized. There is a risk of technological lagging against the increasing level of knowledge-intensive GDP in the world. The improvement of the financing of scientific, technical and innovative activity can become an important factor for the development and efficiency of the national innovation system (NIS) and Belarusian economy as a whole. The purpose of the article is to assess and identify current trends in the financing of science and innovation in the Republic of Belarus. The analysis of the dynamics and structure of domestic costs for research and development (R&D) in the Republic of Belarus by industry, type of cost and type of work, source of funding is carried out. The following conclusions are made as a result of the analysis: the costs of research and development tend to increase; the largest share of R&D costs is concentrated in the business sector; the current costs for R&D significantly increased; the current costs are directed mainly to experimental development; the budget fund is the main source of funding for science and innovation in the Republic of Belarus; there are reserves for the expansion of financing of innovative activities through own funds of organizations, foreign investors, money from extra budgetary funds and other organizations.