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This article explores the impact that the global economic downturn, which began in the second half of 2008, may have on the trend toward globalization of business sector research and development (R&D) activities. This article examines the co-occurrence of the recent economic downturn with the expansion of world business attention toward new opportunities in high-growth emerging markets, such as China and India. Although the full extent of the downturn is not yet clear, the high-growth emerging economies have already experienced a rapid rebound to renewed economic growth, but advanced economies are still experiencing a slow return to growth. The article then explores the impact of the downturn on R&D globalization and finds that the increased focus on new R&D internationalization in emerging economies represents an expansion of attention; a major shift away from commitment to R&D in advanced economies has not yet occurred.