Updated: Jul 20
The Importance of the Knowledge Economy to Africa's Economic Growth
The African problem needs African solutions. Even our Learning Styles differ and desperately needs to be researched and categorized into locally viable labels. We have to discover a way to drive productivity in Africa if we are serious about developing our economy.
Productivity is a culture. You cannot make it happen in one class or in a few training sessions.
To produce it in your target audience, there must be an immersive system in place to encourage productivity. The knowledge economy is sister to a culture of productivity.
Highly efficient entrepreneurs do not happen by accident, they are intentionally cultivated by a system.
With Doing Business, we would like to cultivate this system to produce highly efficient entrepreneurs.
We also need to catalogue the current problems and understand them so as to find the best-fit solutions.
Research and Development is a vital tool for finding solutions to the myriad of problems in our African environment. Research takes commitment, investment and vision.
What is vital for transformation?
- Human Capital Development-
Knowledge is the new currency. The richest countries in the world also have the highest dependency on the service industry rather than on raw materials.
For example: Luxembourg. Luxembourg has a population of about half a million but they have 1,500 international banks in the country. 85% of Luxembourg citizens work in the service industry and their GDP per capita stands at $108,950 (USD).
They are the second wealthiest nation per capita right after Qatar. The acres of diamonds are indeed in our human resource.
Basic Facts about the Knowledge Economy
The knowledge economy is a system of consumption and production that is based on intellectual capital.
The knowledge economy typically represents a large component of all economic activity in developed countries.
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