Innovation performance of V4 countries

Abstract

This study delves into the innovation performance of the Visegrad Four (V4) countries, aiming to uncover the pivotal role that research development and innovation play in regional development and the broader economic landscape. Focusing on properly structured research and development policies, financial support mechanisms, and collaborative efforts, we investigate the prerequisites for fostering innovative activities within these nations. Innovation performance is a critical factor that allows organisations and economies to adapt to rapid changes and an ever-evolving environment, stimulating growth, competitiveness, and long-term sustainability. The goal of the article was to evaluate the innovation performance of the V4 countries. Utilising the TOPSIS method, we analyse 7 key input-output indicators to rank the V4 countries in terms of their innovation performance for 2022, identifying them as moderate innovators relative to the EU-27 average. Our findings reveal that among the V4, the Czech Republic leads in innovation performance, followed by Slovakia, Poland, and Hungary, respectively. The analysis underscores the importance of innovation as a critical factor for adaptation to rapid changes, fostering growth, competitiveness, and sustainability. This research contributes to understanding how innovation performance can improve economic prosperity in the V4 countries and inform policy direction towards enhancing innovation ecosystems.