Year: 2024 | Month: February | Volume 69 | Issue 1Special
The Influence of Investments in Science and Technology on the Innovative Development of the Global Economic System
Denys Kravchuk
Serhii Khrapatyi
Oleksandr Fedirko
Nina Berezovska and Vira Budzyn
DOI:10.46852/0424-2513.1.2024.12
Abstract:
The relevance of the influence of investments in science and technology on the innovative development of the world economy is becoming crucial in the context of globalization and rapid technological change. This process has an impact on economic growth, environmental sustainability, and social development, making it a key element for researchers, policy makers, and practitioners. The purpose of the academic paper is to analyze the impact of investments in science and technology on the development of innovations in the world economy. Different types of investments and their impact on innovation processes in different sectors are the objects of the research. The research methodology is based on systemic and structural-functional approaches, which make it possible to comprehensively analyze the complex interrelationships and processes in the field of investments and innovations. The research has revealed that an effective combination of public and private investments is critical to stimulate innovation. The analysis has shown that investments in green innovation and digital transformation are essential for environmental sustainability and sustainable development. The obtained results emphasize the significance of the balance between economic, environmental and social aspects of investments in science and technology. It has also been determined that digital transformation opens up new opportunities for innovation in all sectors of the economy; however, it also creates challenges related to data security and social adaptation. The research results are of considerable practical interest to policy makers, investors, and researchers since they provide an evidence base for formulating strategies for investing in science and technology as well as for developing innovation ecosystems. The provided recommendations and directions for further research in this area are aimed at deepening the understanding of the dynamics of investment and innovation, especially in the context of rapid technological change and global challenges.
Highlights
- Investments in science and technology are a critical driver of innovative development, with global attention and expenditures steadily increasing, reflecting the acknowledgment of their pivotal role in shaping the future of economies and fostering competitiveness.
- The study emphasizes the multifaceted impact of investments, showcasing the positive correlation between government subsidies and private investment, the role of foreign direct investments
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