Page 50 - Azerbaijan State University of Economics

THE JOURNAL OF ECONOMIC SCIENCES: THEORY AND PRACTICE, V.79, # 1, 2022, pp. 50-68

THE NATURE OF INNOVATIVE ECONOMIC GROWTH AND
DEVELOPMENT DIRECTIONS OF ITS FORMATION

Namiq Abbasov
The Institute of Economy of ANAS

Email: namig.abbasov@gmail.com

Received: December 20, 2021; accepted May 27, 2022; published online June 24, 2022

ABSTRACT
The purpose of this study is to investigate and identify the directions for improving
innovative economic growth in the Republic of Azerbaijan. Also, in this article, the
nature of innovative economic growth and innovation activity in the Republic of
Azerbaijan has been examined. For this purpose, statistics from the Global
Innovation Index Report (GII) 2021 and the State Statistical Committee of the
Republic of Azerbaijan have been revised and analised. Innovation activity and its
indicators in the Republic of Azerbaijan have been compared with some relevant
countries to identify the level of activity in the mentioned field. So, according to the
GII 2021, Azerbaijan ranks 80th out of 132 countries with 28.4 points. This
indicates are for Belarus (62 points), Georgia (63), Austria (18), and Turkey (41).
Correspondingly, according to the 2020 statistics, the gross industrial product (GIP)
was 37.27 billion AZN, the GDP was 72.43 billion AZN, and the gross innovation
product was 28.58 million AZN, or 0.039% of GDP and 0.076% of gross industrial
product. The study concluded with a set of recommendations, the most important of
which are the suggestions to achieve innovative development and sustainable
economic growth in the Republic of Azerbaijan.

Keywords: innovative economic growth, innovation activity, gross domestic
product, industrial product, regional innovation programs

JEL classification: B0, B10, C10, C40, E20, E60, O30, O40

I. INTRODUCTION
It is important to be clear about objectives of research. In the economic development
the most common objective of a country is to achieve innovative development and
sustainable economic growth. So, this article reviews some main aspects of
innovative economic growth of the Republic of Azerbaijan.

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