The innovative transformation of the national economy as a determinant of its growing competitiveness in a global environment

Abstract

This paper focuses on the examination of theoretical and practical aspects of innovative  development within the national economy. Under these conditions, innovative advancement turns into a chief component for boosting the competitiveness of the national economy, guaranteeing its steady expansion and integration into the worldwide economic arena.

Purpose. The purpose of this study is to theoretically establish and review the role of innovative transformation in the national economy in shaping its competitiveness in the context of globalization, as well as to identify effective ways to improve it.

Methods. The research employed a blend of general scientific and specific techniques, notably: the theoretical generalization approach—to uncover the essence of novel advancement and rivalry; examination and combination—to gauge the present status of inventive procedures; statistical means; parallel assessment; a systemic view, as well as the logical overview technique—to shape findings and suggestions.

Results. Conceptual frameworks regarding the rise of national economic competitiveness amidst globalization have been examined. The link between novel progress and a nation's competitiveness standing has been established. The present condition of the country's innovative advancement has been scrutinized. The nation's standing in global innovation and competition indices has been evaluated. The primary issues and obstacles to novel advancement have been pinpointed. The function of government strategy, funding, and human resources in encouraging innovation has been examined. The avenues for boosting the national economy's rivalry, centered on innovation, have been validated. Actionable suggestions have been formulated for energizing innovative progress within a worldwide setting.

Conclusions. The findings assert that novel advancement is a key element in boosting the competitiveness of the nation's economy amid globalization, because it guarantees productivity expansion, technical innovation, and efficient incorporation into the worldwide economic sphere.