Directions for the formation and development of the innovative economy for the purpose of increasing the national wealth

Abstract

Innovative development has been increasingly a cornerstone of transformation in the socio-economic sphere of nations, laying the ground for progress in many spheres. Yet, regarding the strategic establishment of a resilient and innovation-driven economy that could contribute to sustainable growth with due consideration of environmental and social priorities, there are still some research gaps. The given study tries to fill this lacuna, analyzing strategies toward the formation and development of an innovative economy capable of providing the catalyst for transformative changes in the sectors of production for social progress and sustainable human development. Based on this analysis, innovation is regarded as a necessary tool to enhance national competitiveness, consolidate the efficiency of the economic system, and contribute decisively to the growth of national wealth. Innovation has acted as a strong driver over recent decades both for extending economic activity and building resilience in national economies to a gradually more competitive world economic environment. This sort of environment for creating, stimulating, and supporting needs to be accomplished through policy frameworks that encourage both the public and private sectors to engage in innovative efforts.