Empirical analysis of determining the influence of the level of innovative development on the economy of world countries

Abstract

This study analyzes the relationship between the Global Innovation Index (GII) and GDP per capita for the countries of the world, developed in cooperation with the International Business School (INSEAD), Cornell University (Cornell University) and the International Intellectual Property Organization (WIPO). This relationship was determined using correlation-regression analysis. According to the results of the analysis, the average level of the GII index in the appropriate groups of countries according to their incomes increased with the increase in GDP per capita. This fact proves that innovation is an important factor in the economic development of countries and policymakers should pay more attention on research and development to achieve innovatitive development.