INNOVATIVE CAPACITY OF UKRAINE’S ECONOMY IN THE INTERNATIONAL CONTEXT

Abstract

The purpose of the article consists in the determination of the level of innovation capacity of Ukraine in the international context based on the rating. The method of integrated research allows assessing the innovation of the country’s economy and developing recommendations for its improvement. Methodology. The research is based on a systematic approach to determining the innovation capacity of the Ukrainian economy by international ratings that assess innovation potential, technological and innovation competitiveness. Determination of the innovation potential and innovation capacity of Ukraine’s economy was carried out based on the Global Innovation Index, the Bloomberg Innovation Index, the Global Competitiveness Index, the Innovation Union Scoreboard, and the Global Talent Competitiveness Index. Innovation is a defining characteristic of modern scientific and technical, industrial, socioeconomic, and other social processes. Effective innovation potential is not only a way of dynamic development but also a means of ensuring the country’s security and sovereignty, its competitiveness in the modern world. Results of the research indicate that the formation and implementation of innovation potential and the introduction of innovations in Ukraine is characterized by low indexes. Such preconditions for innovative development as human capital, education, and science receive relatively higher ratings (although there are problems in these areas that need to be addressed). Stable lower ratings (which stipulate the overall rating of the country) have political factors, the state of the regulatory environment and institutional preconditions for the transition to an innovative way of development. Practical implications. In order to increase the innovation capacity of the country’s economy and within the framework of the European integration processes in the field of innovation policy of Ukraine, the following measures are proposed: to improve the framework conditions for innovation activity; to implement innovative partnerships; to strengthen tools to support innovations and simplify administrative procedures to facilitate access to financing, especially for small business entities; to stimulate the formation of partnerships and links between education, business, science, and innovation and to stimulate entrepreneurship by supporting young innovative companies. Proportion/originality. The results of the research made it possible to propose specific initiatives, the implementation of which will have a positive impact on the national innovation system and increase the innovative capacity of the Ukrainian economy, in particular: to accelerate the development and implementation of “innovation laws”; to review the list and content of the existing scientific and technical programs with the purpose of more consideration of the world tendencies and their adaptation to the needs of the national economy; to develop an innovation monitoring system, which would be based on the use of indexes of the European Innovation Scoreboard.