Research Proposal: Knowledge Economy
The UAE vision 2021 national agenda aims for the UAE’s economy to transition into a knowledge based economy, how will the shift be achieved?
What is knowledge economy?
The knowledge economy is an economy in which growth is not dependent on the means of production. It can be described as a shift from traditional economies to ones where the use of knowledge is significant.
Currently the UAE’s GDP depends 30% on its income from oil. By 2021, the UAE’s dependency on oil will drop down to 5%. To achieve that the UAE has plans to sustainably diverse its sources of income and invest in education. Shifting to a knowledge based economy will improve the UAE’s business environment as it will increase its attractiveness to foreign investors. In addition to that, this will encourage entrepreneurship and reduce the role of the public sector by promoting private sector development. Nevertheless, this will definitely ensure a long-term prosperity for the UAE and will sustain its economy.
The main objective of the paper is to evaluate the knowledge economy in the UAE and how the UAE is planning to boom its knowledge economy. In addition to that, to benchmark and view case studies of countries those went through the process of shifting its economy and learn from their mistakes. This paper will also provide an analysis of the common elements and key factors between the UAE and the selected countries. The paper will also analyze the steps the UAE is taking towards shifting its economy into a knowledge based economy.