The role of innovation in the modern world is difficult to overestimate. Innovations perform not only an economic function, but also cover all aspects of society’s life and affect personal issues. In the long term, further economic and cultural growth along the intensive path of development is impossible without innovation. Currently, innovation is an active link in all spheres of society. It is impossible to imagine the modern world without implemented innovations, and without future ones that contribute to further evolution. In modern conditions, improving the efficiency of production can be achieved mainly through the development of innovation processes that are ultimately expressed in new technologies and new types of competitive products. Thus, the basis for the development of the country’s economy is innovation, and the main guideline is the introduction of new technologies. Innovation has become a major driver of economic and social development. Innovative activity has brought the world society to a new and higher stage of development. The concept of “innovation” is used almost everywhere. Innovation can be understood as the final result of innovative activity, which is embodied in the form of a new or improved product introduced on the market, a new or improved technological process used in practice, a new approach to social problems. In principle, the term “innovation” can be interpreted in different ways; it has an infinite number of formulations and definitions. This article reveals the concept of innovation and defines the role of innovation activity in improving production efficiency.
Conclusion. Priority should be given to the development of the country based on enhancing innovative activities in the most knowledge-intensive and high-tech sectors of the national economy, which are the most significant and progressive engines for the development of the national economy. Orientation of the development of the national economy towards enhancing innovative activities using scientific methods and approaches is the key to the success and prosperity of the country, increasing the welfare and living standards of the population.
Keywords: innovation, innovation processes, innovation activity, innovation policy, statistics, competitiveness.
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The article was received 10.03.2020