Anti-crisis function: the innovative development and competitiveness

Abstract

The article focuses on the innovative development of the economy through ensuring expenses to Research and Development at the level of established international standards. In its turn, the innovative development justifies the strengthening of the competitiveness of the national economy. In the article, such data as The Innovation Development Index, Research and Development Index, as well as The International Competitiveness Index provided by specialized international financial institutions and organizations are used. Based on these data, some indicators for the period 2010-2018 were analyzed. In addition, the article describes the ways of preventing economic crises through innovative development of the economy and justifies lower costs for realizing anti-crisis programs associated with innovative development. In particular, the funds spent by some countries under the anti-crisis programs of the global-financial crisis of 2008 were analyzed. These funds were compared with the funds spent on innovative development of the economy in these countries. As a result, it was determined that the anti-crisis programs cost several times more than innovative development cost. Also, it shows the relationship between the indices of global innovation development, global Research and Development expenditures and global competitiveness. The analysis of the top ten countries in these three indices is given. As a result of this analysis, the strengths and weaknesses of the countries with the highest results on all three indices were systematically studied. At the end of the article, scientific conclusions and practical recommendations are given, based on the analysis of the factors that played a key role in the success of the countries ranking in the top in the three indices, and the aspects that are not yet fully used.