INNOVATIVE DEVELOPMENT OF UKRAINE’S ECONOMY

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DOI:

https://doi.org/10.18371/fcaptp.v3i38.237471

Abstract

Abstract. The development of the world economy, despite the barriers, is quite dynamic. The drivers of growth and stabilization of national economies at present are not raw materials industries, nor even industrial enterprises, but companies that generate innovative products. The enterprises that are most dynamically developing and producing innovations include enterprises in the field of medicine and IT. The updated list of S&P 500 companies showed that 50% of all the most innovative companies in the world are registered in the United States. Despite the pandemic challenges, some economies have not suffered significant losses due to quarantine restrictions. Since the level of innovative development of the national economy is a total (integrated) expression of the whole complex of innovative products created by companies of such a country, the initial elements are the creation of favorable regulatory and state support for developers of innovative products, tax benefits and incentives, export support for innovative products and so on. In order to assess these achievements, international organizations have developed appropriate methods for measuring the index of innovation development, namely: Global Innovation Index (GII) (WIPO and Cornell University), Bloomberg Innovation Index (BII) (Bloomberg), Global Competitiveness Index (World Economic Forum), World Competitiveness Index (IMD World Competitiveness Center). Studies have shown that against the background of the flagship countries (Switzerland, Sweden, Singapore, USA, Germany, China, etc.), Ukraine is constantly losing its position in the rankings, which is an objective reason for deindustrialization of the economy and denationalization and privatization of strategic enterprises of national importance. Today, Ukraine ranks 45th (GII) and 56th (BII), respectively, and belongs to the group of countries with below-average incomes per capita. At the same time, Ukraine ranks 71st in terms of innovation spending and 37th in terms of innovation development (profit). The development of Ukraine’s innovation component, according to experts and specialists, is ahead of forecast values.

Keywords: national economy, innovations, innovative development, innovative products, innovative companies, indices of innovative development, gross national income per capita.

JEL Classification O30

Formulas: 0; fig.: 1; tabl.: 4; bibl.: 19.

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Published

2021-06-30

How to Cite

Horbachenko, S., Syvolap, L., Nikitchenko, S., Revenko А., & Riabeka, Y. (2021). INNOVATIVE DEVELOPMENT OF UKRAINE’S ECONOMY. Financial and Credit Activity: Problems of Theory and Practice, 3(38), 390–396. https://doi.org/10.18371/fcaptp.v3i38.237471

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Section

Economic-theoretical aspect of Financial Credit System's development