chapter  5
Factors affecting growth in the region: R&D and productivity
ByShandre M. Thangavelu, Toh Mun Heng
Pages 16

The term ‘new economy’ seems to mean different things to different researchers,1 but, no matter how the new economy is defined, growth in the new economy will be driven by technological innovation and scientific progress. Developments in information and communication technologies (ICTs) are clearly the most important ‘new’ elements of recent economic growth in the 1990s, and have led to other innovations such as the greater role of networking in the new economy. ICTs are seen as important developments in the new economy, but some of their impacts might not have occurred without broad changes in national innovation systems2 in the world (OECD 2000).