Twenty first century belongs to knowledge age, where acquisition, possession and application of knowledge is the most important resource. In this society world has changed from doing things to knowing things. It is a learning society committed to innovation.
There is risk of growing gap between advanced countries at the forefront of creating and using that knowledge, and developing countries, which have more limited means to take advantage of potential of rapid development and use of knowledge. Effective use of knowledge, broadly defined to include policy and technical knowledge, can have major impact on economic growth and development.
According to World Bank, simply adopting existing technologies widely available in developed countries can dramatically boost economic growth and productivity.
The knowledge economy consists of four pillars:
(i) The business environment;
(ii) Information infrastructure;
(iii) An innovation system; and
(iv) Human resources.
