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Innovations and Competitiveness as Dominants of Economic Growth
Pasichnyi M. D., Nepytaliuk A. V.

Pasichnyi, Mykola D., and Nepytaliuk, Anton V. (2023) “Innovations and Competitiveness as Dominants of Economic Growth.” Business Inform 10:102–111.
https://doi.org/10.32983/2222-4459-2023-10-102-111

Section: Innovative Processes

Article is written in Ukrainian
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UDC 65.01:330.341

Abstract:
The aim of the article is to assess the interdependencies between economic growth and indicators of competitiveness and innovation, substantiate the system of measures to stimulate the innovative development of the country. In the course of the study, a sample of Central European and Baltic countries was studied, including Bulgaria, Estonia, Latvia, Lithuania, Moldova, Poland, Romania, Slovakia, Slovenia, Hungary, Ukraine, Croatia, and the Czech Republic. As a parameter of competitiveness of enterprises in international markets, the median share of the medium-tech and high-tech products in the overall structure of gross value added of material production is chosen. The relationship of this indicator with the real growth of real GDP per capita during the period 1996–2020 is studied. In addition to the rates of economic growth, net investments in public non-financial assets (according to the methodology of the World Bank), the share of medium-tech and high-tech products in GDP, medium-tech and high-tech exports in its overall structure are considered, as well as environmental and innovative competitive parameters of national economies: carbon dioxide (СО2) emissions and renewable energy consumption (as a share in the final consumption of the latter). The Global Competitiveness Index for the mentioned sample of countries is also studied. A system of measures to stimulate innovative development has been proposed. It is found that it is important to continue the policy of deregulation and digitalization of administrative public procedures; promoting the registration and activities of innovatively active enterprises, providing them with incentives; formation of a stable, understandable and transparent tax environment in the country; improving the efficiency of public administration; ensuring the protection of investors’ property rights. In addition, it is important to develop a culture of entrepreneurship based on the Sustainable Development Goals and the latest principles of socially responsible business.

Keywords: innovations, competitiveness, investments, high-tech sector of the economy, taxes, economic growth.

Fig.: 2. Tabl.: 2. Bibl.: 17.

Pasichnyi Mykola D. – Doctor of Sciences (Economics), Professor, Professor, Department of Finance, State University of Trade and Economics (19 Kіoto Str., Kyiv, 02156, Ukraine)
Email: [email protected]
Nepytaliuk Anton V. – PhD, Senior Lecturer, Department of Economics and International Relations, Vinnytsia Trade and Economic Institute of the State Trade and Economic University (87 Soborna Str., Vinnytsia, 21050, Ukraine)
Email: [email protected]

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