INNOVATIONS - THE DETERMINING FACTOR OF ECONOMIC GROWTH

Maria COJOCARU, Galina ULIAN, Cătălina DAVÎDOV Universitatea de Stat din Moldova

Abstract

The study conducted on the basis of national, European and international reports on innovation activity has enabled authors to determine the trends and the importance of innovations for the development of countries or communities of states. For the elaboration of this study the authors applied different methods of research: monographic study, comparison, grouping, indexing method. Thus, the authors have found that countries with an accelerated pace of economic growth also allocate higher amounts of R&D funds relative to GDP. This once again demonstrates the direct link between the amount of spendings on innovation and the level of economic development. Keywords: National Innovational Sistem, innovation, research and development (R&D), economic growth