STATE AND TRENDS OF INNOVATION DEVELOPMENT IN EUROPEAN COUNTRIES

Abstract

Research on innovation has not lost its relevance in recent years. It is worth noting that innovation has become the main topic in Davos at the annual assembly of political and business leaders of the World Economic Forum in 2020. An important aspect of analyzing innovation is the ability of countries to innovate in a changing time. The innovative level of the state indicates its economic potential and the country's ability to respond to global trends, technological breakthroughs and global risks. The aim of the work is to study the state of development of innovation in the world. An important task is to analyze the dynamics of changes in international innovation rankings and identify key features of innovation regulation at the state level by leading countries. It is concluded that the recovery strategies of many developed countries provide ample opportunities for innovation, especially in the digital and sustainable development sectors, along with long-overdue infrastructure investments. For a long time, European countries have been leaders in the implementation of innovations, but more and more often the countries of Asia and North America are given the status of a world center of innovation. It was found that according to various indicators and according to various ratings, the leaders are such countries as Switzerland, Sweden, the United States, Great Britain and the Netherlands. In such rankings, Ukraine ranks low in the world and last in Europe. However, now there are significant changes in the regulation of innovation, and a change in state innovation policy and taking into account the successful world experience can increase the number and quality of innovations in our country. It is also interesting to note that many developed countries have not reduced the amount of money allocated to innovation in connection with the crisis caused by the pandemic, because they are convinced that innovation plays an important countercyclical role in modern economies. Thus, in a situation of a sharp decline in economic activity at the macroeconomic level, it is important to financially support those important industries that may be the first to fail. During the Covid-19 pandemic, innovation was found to be strongly supported by society, especially in areas such as health and medicine.