THE IMPACT OF AN INNOVATION ECONOMY ON THE ECONOMIC GROWTH OF THE COUNTRY

Abstract

  At the turn of the XX-XXI centuries, the rapid pace of the current economic globalization process has accelerated the transition of countries to the post-industrial stage of development, the main features of which are knowledge and innovation. The article aims to identify the innovation economy determinants affecting economic growth and comprehensively examine the impact of innovation economy on the country's economic growth.
  Relevance of the topic. At the end of the twentieth century, the process of globalization of the world's economy has accelerated the transition of countries to the post-industrial development stage, the main features of which are knowledge and innovation. Despite the theoretical assessments, practically no comprehensive study has been conducted of the impact of the innovation economy on the country's economic growth in the Georgian economic literature to this day. Consequently, the determinants of the innovation economy affecting economic growth have not been identified. Due to the above, the formation of an innovation economy at the current stage of Georgia's development is gaining particular urgency as the most crucial economic growth factor.
  The Scientific Novelty of the Research. Based on the results of the regression equation (dependent variable Gross Domestic Product (GDP) per capita) in the article, a positive correlation has been found between only a few variables of the innovation economy and the dynamics of GDP in the Eastern Partnership and EU countries. The regression equation results regarding the dynamics of the GDP of these countries indicate that both the export and import of information and communication technologies are in positive correlation with the GDP per capita. As for the high-tech exports, patent applications of residents and non-residents, research and development costs (GDP%), trademark applications, industrial design, and foreign direct investment per capita, these figures are not correlated with GDP.