An Innovation-Based and Sustainable Knowledge Society

Abstract

Innovation is a key source of new products, benefit and fresh growth in revenues. In developed economies, the private sector is the engine of innovation and growth, accounting for between half and two-thirds of total spending on research and development in some countries. On the other hand, increasing access to technology will be a critical driver of economic growth in emerging economies, but it will require private sector leaders and the public sector to work together to make their respective programs more impactful. At the same time, the rapid advances and pervasive diffusion of information and communication technology (ICT), combined with the growth of the Internet have led to deep transformations in economic, social and institutional structures. ICT applications affect the performance of businesses and the efficiency of markets, foster the empowerment of citizens and communities as well as their access to knowledge, and contribute to strengthening and redefining governance processes at all institutional levels.