THE ROLE AND IMPACT OF INNOVATIVE DEVELOPMENT ON THE ECONOMIC GROWTH OF COUNTRIES

Abstract

In the modern world, where economic challenges are becoming increasingly global and unpredictable, innovation has become a key factor in achieving sustainable economic growth for countries. This article explores the essence and relevance of innovation development and its impact on the economy, providing readers with a better understanding of how innovations influence contemporary economic dynamics and offering specific practical recommendations for governments and business communities. The relevance of this article should be considered in the context of current challenges and opportunities that countries face in the global economic environment. The world economy is undergoing unforeseen changes due to global crises, trade conflicts, climate change, technological innovations, and other factors. In the face of these challenges, innovation has become vital for economic survival and the development of nations. The article also presents detailed recommendations for governments and business communities to support innovation development, which is crucial for achieving sustainable economic growth and the advancement of modern societies. This article examines the essence and impact of innovation development on a country's economic growth in today's world. The study includes an analysis of key factors that determine a country's innovation activity and explores the mechanisms through which innovation contributes to increased competitiveness and sustainable economic development. A comprehensive overview of recommendations for governments and business communities provides practical guidance for supporting innovation development, which is paramount for achieving sustainable economic growth and building contemporary societies. This article will help readers gain a better understanding of the role of innovation in the economy and the significance of its impact on the future of nations and the global market. This article delves into the multifaceted facets of innovation, from its economic impact to its role in shaping a sustainable and resilient future for countries, all within the context of a rapidly changing world.