Abstract
Purpose: In order to make an informed choice of the most effective tools for ensuring the development of a competitive economy, it is important to take into account the links between macroeconomic indicators of progress and the most important components of knowledge management. In this regard, the aim of our study is to assess the relationship between knowledge management factors and economic growth in order to select the factors that most determine the positive changes in Gross national income per capita. Methodology/results: As a result of the systematization of the main international indices, which use knowledge management factors and the authors’ correlation analysis of their relationships with GNI per capita, conclusions are made about the greatest effectiveness at the present stage of action, which results in skills development (such as the ability to work with new technologies and with people, flexibility and cooperation), innovative capacity, access to information and means of communication. Findings: The perception of these factors as determinants of economic development and the appropriate direction of the levers of economic policy will result in achieving the greatest economic efficiency on the basis of the development of the knowledge economy.
Highlights
In the light of current trends for the general strengthening of knowledge factors’ influence on economic development, the modern economy is increasingly being analyzed through the prism of such concepts as “knowledge economy,” “digital economy,” “creative economy.”
The obtained results of the correlation-regression analysis proved the existence of a close relationship between the components of knowledge management and GNI per capita (WBG, 2020) (Table 2)
From the calcula tions we can conclude that the introduction of artificial intelligence today cannot be perceived as a determinant of economic growth; its role is more pronounced in certain activities and in combination with the influence of other factors, such as the Global Connectivity Index
Summary
In the light of current trends for the general strengthening of knowledge factors’ influence on economic development, the modern economy is increasingly being analyzed through the prism of such concepts as “knowledge economy,” “digital economy,” “creative economy.” Obtaining and using relevant knowledge today is a competitive advantage for organizations, industries, and economies in general. In order to take full advantage of this opportunity, countries should focus on the following five main aspects (UNDP, 2019): education (focus on curriculum quality, orientation on new technologies); research, development, innovation, and science (skills/knowledge of researchers and organizations to stimulate the development of new technologies and the formation of necessary skills in the future); technologies (providing a high level of technological infrastructure and ICT needed to share knowledge, promoting the development of new technologies and teaching methods); economy (as a source of financial resources for the introduction of new technologies); favorable environment (organizational support for entrepreneurship develop ment and innovation) These elements are an integral part of the concept of knowledge management, so knowledge growth is a crucial determinant of economic growth
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