FACTORS AFFECTING THE INNOVATION ECONOMICS AND POSITION OF GEORGIA IN THE GLOBAL INNOVATION INDEX

Abstract

  The article, based on the development of Georgia's innovation economics strategy, examines the factors that have
a positive and negative impact on the development of innovation economics. Aim and objectives of the research: This
article aims to identify the determinants affecting the development of innovation economics as well as on the basis of the
improvement of the legislative framework to create a favorable environment for the introduction of innovations, accelerate
innovation processes, improve the institutional base and achieve rapid growth in the export production of high-tech products.
The article based on the analysis of innovation policies defines the role of government in improving innovation processes. The
objective of the research is a comparative analysis of Georgia and post-soviet countries according to the Global Innovation
Index. In addition, the role of government in improving innovation processes in the country is defined based on the analysis of
innovation policies. The impact of micro and macro factors on the innovation development of the country is highlighted. Besides, the
recommendations have also been developed for creating a favorable environment for the introduction of innovations, diversifying
the export production of high-tech products, as well as promoting both fundamental and technological research, and improving the
innovation ecosystem.