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.
