![]() ![]() Pharmaceuticals, Biotechnology, & Life Sciences.Schwalje: The Abu Dhabi Economic Vision 2030 outlines several economic sectors for growth and diversification. The Gulf countries, which employ many of their citizens in high wage roles in parastatals operating in knowledge-based industries and government institutions, may be particularly threatened by competition from low wage knowledge workers and be subject to significant margin compression which challenges the economics of their entry into knowledge-based industries.Ību Dhabi Council for Economic Development: In Which Strategic Subsectors can Abu Dhabi be Globally Competitive in the Face of the Emergence of Low Wage, High Skill Knowledge Workers? With increasing cost competition in knowledge-based industries from emerging countries, the less resource wealthy Arab countries could feasibly follow a development trajectory grounded in selective participation in knowledge-based and manufacturing industries in which they have a cost advantage and have or can develop quickly sufficient workforce skills to compete against emerging country rivals. However, with the emergence of low wage, high skills workers in developing countries, knowledge is becoming commoditized. For Arab governments, the heavy reliance of the concept of knowledge-based economy on human capital development provides a useful means to achieve a number of attributed social and economic objectives, such as higher levels of educational attainment increased health efficiency of consumer choices higher levels of savings and charitable giving social cohesion increased self-reliance and economic independence reduced crime growth and competitiveness increased productivity domestic innovation. Schwalje: The causal relationship between knowledge-based economic development and ensuing job creation which will create the need for increased supplies of high skill workers has been particularly appealing to GCC policymakers. Research conducted by Tahseen Consulting shows that seventeen of the twenty-two countries in the Arab World have the development of a knowledge-based economy specifically stated as a medium to long-term development policy objective.Ību Dhabi Council for Economic Development: How Can Knowledge-based Economic Development Strategies Lead to High Skill, High Wage Job Creation? Five common economic development justifications, job creation, economic integration, economic diversification, environmental sustainability, and social development, are often cited as the underlying rational for pursuing knowledge-based economic development strategies. It has also become associated with environmental sustainability, identity, language, gender equality, and political participation and democratic reform in some countries. ![]()
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