543-science_and_technology-overview
SCIENCE AND TECHNOLOGY
INNOVATION IS ESSENTIAL FOR MORE PRODUCTIVITY AND ECONOMIC PROGRESS
FIVE THINGS YOU SHOULD KNOW ABOUT SCIENCE AND TECHNOLOGY
  • 1

    For companies and countries, innovation is an essential part of sustainable competitive advantage, increased productivity and economic progress.

  • 2

    Innovation acts as a key determinant of long-term growth by improving ways of combining capital and labor.

  • 3

    About half of the disparity in income levels and growth rates between countries due to differences in total factor productivity.

  • 4

    Studies have concluded that investment in research and development explains up to 75% of the differences in total factor productivity growth rates.

  • 5

    A decisive factor for an economy based on knowledge is the exponential growth of information generated by the expansion of information technology and communications.

SECTOR FRAMEWORK

The Bank’s operational and knowledge-related tasks in this area will be based on:

- Building institutional capacity in the national innovations systems following internationally recognized best practices.

- Seeking to tackle clearly identified market or coordination failures.

- Incorporating a strong operations’ evaluation process; and increasing data availability for knowledge generation.

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