The world has been undergoing a rapid shift towards a knowledge-based economy since the beginning of the 21st century. This economy is primarily driven by advanced skills, information, and technology.

As a result, many Arab countries have made these fields a cornerstone of their development plans, aiming to foster innovation and enhance education to transform scientific knowledge and information into sustainable economic value.

This approach ensures that countries keep pace with rapid developments and strengthen their competitiveness in an era where knowledge serves as the primary driver of growth and development. Some studies suggest that increasing spending on research and development (R&D) by 1% can lead to an average economic growth of 0.6%.

For example, the United Arab Emirates and the Kingdom of Saudi Arabia have given significant attention to this sector. In 2017, the UAE appointed a Minister of State for Advanced Sciences, who also chairs the Council of Scientists.

Meanwhile, in 2021, Saudi Arabia established the Research, Development, and Innovation Authority to lead research efforts and contribute to a thriving economy focused on innovation for humanity.

Due to this focus, academic research output in the UAE has seen remarkable growth, multiplying 16 times over the past two decades.

Similarly, in Saudi Arabia, various scientific institutions have played a crucial role in supporting scientific progress, innovation, and economic development, particularly King Abdullah University of Science and Technology (KAUST) and King Abdulaziz City for Science and Technology (KACST).

However, when adopting this pioneering economic model, it is essential to recognize the challenge of achieving sustainable economic growth without depleting natural resources.

In this context, a scientific study published in 2019, titled “The Knowledge Economy: A Key to Sustainable Development?”, examined the relationship between the Knowledge Economy Index and economic growth rates alongside various resource consumption indicators to assess this economic model.

The study, covering the period between 1995 and 2012, found that all economic models adopting the knowledge economy were unable to reduce dependence on natural resources, despite their increasing scarcity and rising costs in some countries.

Despite the challenges facing the development of this economic model, the solution, in my view, lies in leveraging its own principles to address these challenges.

As the saying goes, “Treat the disease with what caused it,” since the knowledge economy is fundamentally based on innovation, knowledge, creativity, and scientific research—all of which are the appropriate tools for tackling major challenges.

It is also important to remember that these challenges affect all countries adopting this model. Therefore, addressing them requires international solutions based on mutual cooperation to establish scientific and legislative frameworks that ensure sustainable growth without harming natural or environmental resources.

Note: This article has been automatically translated.

Source: AlWatan News