Innovation as the basis for inclusive growth

Abstract

High rates of social exclusion and poverty are important challenges for many development strategies in developing countries. However, significant inequalities, high levels of poverty and social exclusion in many developing countries, despite successful innovation experiences, suggest that the innovative opportunities that are being built are not necessarily comprehensive. Many developing countries have successfully developed "excellence", while the vast majority of firms and individuals lack even basic innovation capabilities, leading to wage inequality. At the same time, however, innovative products targeted at or created by low-and middleincome groups should be used to address inequalities. The global Competitiveness index (The Global Competitiveness Index) is a global study that accompanies its ranking of countries in terms of economic competitiveness. It is based on the methodology of the world economic forum, which defines national competitiveness as the ability of the country and its institutions to ensure stable rates of economic growth, which would be stable in the medium term. Representatives of the world economic forum point out that the competitiveness of national economies is determined by numerous and very diverse factors. The study presents two indices on the basis of which country rankings are compiled: the global Competitiveness index (GCI) and the business competitiveness index (BCI).