Knowledge Economy
Definition
A knowledge economy is an economic system in which growth is driven primarily by the production, distribution, and application of knowledge and information rather than by natural resources or physical labour. It emphasises education, research, innovation, and intellectual capital as sources of competitive advantage.
Context
Transitioning toward a knowledge economy is a core objective of Oman Vision 2040. The strategy calls for reforming education systems, investing in research institutions, fostering innovation ecosystems, and developing a skilled workforce capable of competing in global knowledge-intensive industries.
Example
The Oman Technology Fund invests in technology startups and provides incubation support, helping create a local innovation ecosystem that generates intellectual property and high-value employment for Omani graduates.