Knowledge management and economic development in developing countries: an examination of the main enablers

Abstract

Knowledge Management can be defined as the efficient utilisation of the existing intangible, knowledge-related resources available in every sector of the economy to enhance the productivity of all factors of production. The developing nations, given their abundance of unutilised skilled labour and availability of capital, have been lagging behind other nations in the world in terms of utilising their existing resources to advance their economies. This paper addresses the need for developing countries to focus on the factors that systematically enable effective knowledge management. These enablers include transparency, political will, enhancement of educational institutions, a comprehensive database, and greater connections between the public and private sectors. This paper both describes these enablers, and offers recommendations on how developing countries can enhance their presence so that knowledge management can become an effective and crucial part of their overall economic development strategy.