The next challenge for Malaysia to move forward to become a developed-country is to evolve into an innovation or knowledge economy, Prime Minister Najib Razak said today in Kuala Lumpur.

Najib said the country’s economy had already undergone a structural change from an agricultural-based economy in the 60s to a manufacturing-based economy in the 80s, and onto a service-based economy now.

“A knowledge economy is one where organisations and people acquire, create, disseminate, and use knowledge more effectively for greater economic and social development.

Najib: Time move on to knowledge-based economy