ANALYSIS OF THE RELATIONSHIP OF THE GLOBAL INNOVATION INDEX AND ECONOMIC GROWTH OF EUROPEAN COUNTRIES WITH TRANSITION ECONOMIES

The article examines the relationship between the global innovation index and economic growth in the context of individual countries. The main attention is paid to European countries with transition economies that are in the process of transformation from a centrally planned to a market economy: the characteristics of these countries are examined and the key factors influencing their economic growth and innovative development are analyzed. The research involved data from the International Monetary Fund and the World Intellectual Property Organization for the period from 2013 to 2023. A methodological technique for identifying the relationship between gross domestic product per capita, which determines the country’s economic growth, and the global innovation index was correlation analysis: constructing a correlation field and calculating Pearson correlation indicators. The values of the indicators calculated over a ten-year period made it possible to identify in dynamics the degree of mutual influence of the innovation index and the economic growth indicator, as well as to consider the possibilities of creating a positive synergistic effect from the simultaneous development of the economic and innovation spheres in different countries. The study shows that more than 75% of European countries classified as transitive countries show a significant negative correlation of indicators. This indicates that the development of innovative activity does not have a direct impact on economic growth, and an increase in gross domestic product does not enhance innovation processes. Particular attention is paid to the specifics of Russia; GDP growth is not accompanied by the development of innovative industries. In conclusion, the authors emphasize the importance of investment in innovation for sustainable economic growth and development of countries with transition economies.

interstate comparisons, Global Innovation Index, Gross Domestic Product, transition economy, innovation, investment, correlation analysis, correlation field, Pearson index, positive synergistic effect

Samarina V. P., Staroseltsev A. N., Kuzvisova D. S. Analysis of the relationship of the global innovation index and economic growth of European countries with transition economies. Biznes. Obrazovanie. Pravo = Business. Education. Law. 2024;3(68):41—45. DOI: 10.25683/VOLBI.2024.68.1028.