Bìznes Inform (Oct 2020)
The Innovative Component of Economic Growth of Ukraine
Abstract
It is illustrated that the basis of economic growth for Ukraine and the only opportunity to take its own place among developed countries is to embark on the path of innovative development. The evolution of conceptions describing the impact of innovation on the process of economic growth within the limits of a country is traced, the existing models of innovative development are explored. The statistical relationship between the level of development of the economy and the amount of financing for innovative processes is specified. The theoretical studies on the impact of financing for innovation on economic growth are justified by the results of the author’s own econometric analysis. On the basis of the comparison of international ratings, the main problems are identified and the peculiarities in the formation of an innovative economy in Ukraine along with the factors influencing its development are analyzed. It is substantiated that Ukraine still has sufficient innovation potential (in particular, high quality of human capital, wide coverage of the population with higher education, growing level of exports of IT services, development of both fixed and cellular communication, dynamics of patent activity), constituting the main and necessary component of modernization of the economy and its transition to a new technological level. However, due to the difficult socio-economic and political situation, the lack of imperative and vector of scientific-technological development and modernization of the country in terms of public policy, as well as an adequate strategy for innovative development, Ukraine loses a number of its competitive positions in the world market, especially in the market of high-tech products. The author substantiates the necessity to move in the nearest time from theoretical design of the «problematic field» of priorities of the State innovation policy to the strategizing processes, which include: choosing the most adequate model of innovation development; elaboration of a methodological instrumentarium for allocation from a wide range of scientific-technological and organizational-economic innovations the most significant for the growth of the economy and, on this basis, selection of the main priorities for the scientific-technological development of the country; development of a realistic strategy taking into account the interests of all stakeholders: representatives of government, business and science; ensuring financial, institutional, infrastructure and other mechanisms of its implementation; strict control over the mechanisms for strategy implementation.
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