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Peculiarities of Innovative Development of Economy in Georgia



Author(s)

Salome Danelia

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DOI:10.17265/1537-1506/2022.02.004

IvaneJavakhishvili Tbilisi State University, Tbilisi, Georgia

Under the global economy, classical economic doctrines cannot reflect every aspect of the country’s economic competitiveness as non-traditional factors of economic development play an equally important role in achieving the country’s economic goals. In the view of the mentioned, knowledge and innovation are essential factors of economic development at the present stage.Consequently, at the present stage, in the process of global competitiveness, the study of innovative economics as a factor of self-establishment is also relevant for the countries with limited natural resources. Thus, the urgency and necessity of researching the existing issue are conditioned by the complex study of the existing economic, political, and institutional factors. Despite theoretical estimates, in the Georgian economic literature today there is practically no comprehensive research and analysis on the opportunities for the development of innovative economics in the country, on the basis of which the formation of the innovative economics should be carried out in Georgia. The goals of the research are to study and analyze the potential and role of Georgia’s opportunities for the development of innovative economics and to determine its impact on the economic development of the country in the process of integration of the modern global economy. The following objectives are derived from the goal mentioned above:

Ÿ Study-analysis of the theoretical-methodological aspects of the possible formation of an innovative economy;

Ÿ Determine the positioning of Georgia’s innovative economy using an international index;

Ÿ Identify the advantages and disadvantages of the formation processes of innovative economics in the Eastern Partnership and EU member states and their comparative analysis;

Ÿ Identification of the optimal tool for determining the strategy of the innovative economics in Georgia;

Ÿ Analyse the process of formation of innovative economics and identify existing opportunities in Georgia;

Ÿ Identify a significant determinant of innovative economic development and determine its effects.

Attempt to conduct a complex study of the development opportunities of innovative economics in Georgia, because of which it has been established that:

Ÿ The formation of innovative economics in a country is related to the legislative and institutional factors of the country.

Ÿ The formation of Georgia’s innovative economics is defined by the main factors of innovation (science, business, and state) that jointly create the country’s innovation opportunities and ensure the formation of innovative economics.

A comparative analysis of the determinants of innovative economics, while reviewing international indexes, has confirmed that Georgia has low competitiveness characteristics.

innovative economy, the concept of innovative economy, economic cycles, economic growth, innovation variables