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Knowledge Economy Modelling in Gulf Cooperation Council An Econometric Approach |
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PP: 85-97 |
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doi:10.18576/ijye/060202
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Author(s) |
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Abdullah Fadhil Al-Hayali,
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Abstract |
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| This paper investigates how the governments of the Gulf Cooperation Council countries should make more efforts to transform into the Knowledge Economy. The study explained that some member countries gone far in the field of transition into the Knowledge Economy, but some are at their early stage. Also, the Gulf Cooperation Council countries urgently need to adopt effective policies for the advancement and transition to the Knowledge Economy, each country should allocate a percentage of Gross Domestic Products to encourage entrepreneurship activities, Innovation with research & development and removing the barriers on startup enterprises by establishing and operating as electronic governments, electronic business and electronic commerce to reduce the time of approving a startup business. The study revealed that the Gulf Cooperation Council economies are characterized by the character of the traditional economies, despite they occupy middle ranks according to the knowledge economy index, which is prepared by the World Bank. As these economies still expose a willful desire to move and shift from rentier economies to knowledge economies.
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