PROSPECTS OF INNOVATIVE DEVELOPMENT OF THE ECONOMY OF RUSSIA AND BELARUS

The article convincingly shows that the main challenge of our time for both Russia and Belarus is the vital need for a transition to an innovative type of economy. It is noted that both countries are characterized by a significant lag in the numerical value of the global innovation index from the leading group of states. At the same time, the country’s low innovative rating correlates with a noticeable lag in GDP per capita. Ultimately, this state of affairs adversely affects the level of average wages. It was established that the main consequence of the introduction of innovation is a higher share in the market price of a product or service of added value generated due to a monopolistically high price or significant savings in production costs.An alternative example of Canada is given, indicating that in order to ensure the material well-being of the people, intensive exploitation of natural resources should be combined with the active development of innovations. An analysis of international statistics indicates that small countries, in order to maintain leadership in innovation, should spend a larger share of GDP on their financing than great powers. In this regard, an innovative future for the economy of Belarus is possible only if it integrates as deeply as possible with Russia. The country, due to the small scale of the economy, does not have sufficient resources to finance innovation in all branches of technology produced by its industry. With a real rapprochement of countries, powerful transnational financial and industrial groups could be formed that could concentrate financial resources for massive investments in innovations and successfully compete with European and American manufacturers of relevant equipment.

innovation, ranking, Russia, Belarus, gross domestic product, value added, salary, R&D, development, technology.

Ozherelev V. N., Ozhereleva M. V., Vdovina I. V., Dotsenko E. V. Prospects of innovative development of the economy of Russia and Belarus. Business. Education. Law, 2020, no. 1, pp. 59–64. DOI: 10.25683/VOLBI.2020.50.134.