Innovative development of countries in the context of global economic imbalances

Abstract

The paper emphasises the fact that innovation is a driver for development and a leading factor in economic growth and ensuring a high level of competitiveness. The impetus for further development is given to those countries that already have a sufficient innovation level of the economy. The aim of the research is to determine the role of innovative development of a country in its economic development and competitiveness of the national economy. The world’s leading countries now face the challenge of building a competitive economy, so the dynamics of positioning countries in the Global Competitiveness Index (GCI) and Global Innovation Index (GII) has been provided and the view that innovation plays an important role in the country’s development and the formation of its competitiveness confirmed. The authors have distinguished groups of countries by systematising the places they occupy. Furthermore, they have identified features of innovation strategies of the countries in the proposed groups. The paper also suggests integrated assessment of innovation and economic development of countries, which allows to determine their level, trace the dynamics and determine the relationship between innovation and economic development for every country. Additionally, the study has shown a relationship between the level of innovation and economic development for all countries under analysis. However, there is a difference in the degree of this relationship, which is higher for developing countries. Thus, it is expedient for these countries to pursue an active innovation policy to increase the level of economic development. Despite the fact that developed countries have more opportunities for active development of the innovative component in the national economy, their indicators in innovation and high-tech industries are declining and developing countries come to the fore.