Co-written with Per-Ola Karlsson, Dr. Yahya Anouti, Alice Klat, and Melissa Rizk
There is empirical evidence that a 1 percent increase in research and development (R&D) can boost economic growth by 0.6 to 2.2 per cent.
While the GCC states invest heavily in research infrastructure, they are neglecting to nurture high-quality R&D. Consequently these countries pay a high price to import knowledge that doesn’t always meet their specific needs. By shifting part of their spending from research infrastructure towards incentivizing high-impact practical research, they can facilitate the transition toward a diversified economy, better manage an array of societal challenges, and potentially reduce their dependence on imports.