From the middle of the 20th century, a profound transformation has unfolded on the global stage known as the knowledge revolution. The adoption of knowledge as a driving force for economic growth resulted in the introduction of a Knowledge-Based Economy making a departure from traditional models. This revolution has influenced the entire human sphere of activities, reshaping the trends of socioeconomic development of nations across the world. In this backdrop, nations that have effectively deployed knowledge for economic development made remarkable strides. For instance, South Korea has transformed itself from a poor agrarian society into a high-tech power house in a span of few decades by adopting this paradigm shift.

Pakistan, having traditionally relied on agriculture and labour-intensive industries such as textiles contributing over 60 per cent to exports faces cyclic economic challenges. The country continuously faces negative contractions of its GDP growth rate and almost 40 percent of its population lives below the poverty line which can be attributed to the country’s high reliance on traditional patterns of growth.

Pakistan has a great potential to thrive by embracing a Knowledge-Based Economy by relying on intellectual capital to drive economic growth. The country is characterised by a predominantly young population as it has about 64 per cent of its total populace below the age of 30. This human capital can serve as a valuable........

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