IDEAS home Printed from https://ideas.repec.org/a/gam/jecomi/v12y2024i8p190-d1441054.html
   My bibliography  Save this article

Specific Effect of Innovation Factors on Socioeconomic Development of Countries in View of the Global Crisis

Author

Listed:
  • Sergey Mikhailovich Vasin

    (Department “Sociology, Economic Theory and International Processes”, Penza State University, 440026 Penza, Russia)

  • Daria Mikhailovna Timokhina

    (Laboratory for the Study of Balanced Spatial Development of Regions, Penza State University, 440026 Penza, Russia)

Abstract

Although the coronavirus pandemic has now faded into the background, the global crisis caused by COVID-19 has had the most devastating impacts worldwide. Given the potential relapse of such unexpected and uncertain events, it is vital to specify the patterns thereof and develop proactive measures for the countries to acquire an advanced readiness to deal with the related incidents. The most infected countries faced an increase in business bankruptcies, unemployment and inflation rates, low production volumes, and a decline in Gross Domestic Product (GDP). To withstand such socioeconomic consequences, the countries had to employ a number of measures, with innovation development acceleration being one. This paper aims to assess the dependency of an increase in GDP and a decrease in inflation and unemployment rates on the country-level growth of innovation development according to such Global Innovation Index (GII) pillars as institutions, human capital and research, infrastructure, market sophistication, business sophistication, knowledge and technology outputs, and creative outputs. The conducted research analysis covered the period from 2019 to 2022 based on the data for the GII pillar development level and economic performance indicators for 20 countries from five socioeconomic models. Descriptive and comparative statistics as well as correlation and regression analysis were used to prove the innovation development to be a key driver in increasing GDP and reducing inflation. To increase the GDP value, special attention should be paid to such GII pillars as institutions and human capital and research, while infrastructure and human capital and research are the pillars to reduce the inflation rates.

Suggested Citation

  • Sergey Mikhailovich Vasin & Daria Mikhailovna Timokhina, 2024. "Specific Effect of Innovation Factors on Socioeconomic Development of Countries in View of the Global Crisis," Economies, MDPI, vol. 12(8), pages 1-38, July.
  • Handle: RePEc:gam:jecomi:v:12:y:2024:i:8:p:190-:d:1441054
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2227-7099/12/8/190/pdf
    Download Restriction: no

    File URL: https://www.mdpi.com/2227-7099/12/8/190/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Adel Ifa & Imène Guetat, 2018. "Does public expenditure on education promote Tunisian and Moroccan GDP per capita? ARDL approach," Post-Print hal-04097631, HAL.
    2. Mateja Bodlaj & Barbara Čater, 2019. "The Impact of Environmental Turbulence on the Perceived Importance of Innovation and Innovativeness in SMEs," Journal of Small Business Management, Taylor & Francis Journals, vol. 57(S2), pages 417-435, November.
    3. Beynon, Malcolm J. & Jones, Paul & Pickernell, David, 2023. "Evaluating EU-Region level innovation readiness: A longitudinal analysis using principal component analysis and a constellation graph index approach," Journal of Business Research, Elsevier, vol. 159(C).
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Rubio-Andrés, Mercedes & Ramos-González, Mª del Mar & Sastre-Castillo, Miguel Ángel & Gutiérrez-Broncano, Santiago, 2023. "Stakeholder pressure and innovation capacity of SMEs in the COVID-19 pandemic: Mediating and multigroup analysis," Technological Forecasting and Social Change, Elsevier, vol. 190(C).
    2. Namal Mete Kaan & Tufan Cenk & Köksal Kemal & Mert İbrahim Sani, 2023. "The Effect of Market and Technological Turbulence on Innovation Performance in Nascent Enterprises: The Moderating Role of Entrepreneur’s Courage," Economics - The Open-Access, Open-Assessment Journal, De Gruyter, vol. 17(1), pages 1-19.
    3. Jiayin Bi & Ying Qi, 2024. "RETRACTED ARTICLE: The convergence of digital finance and green investments: opportunities, risks, energy transitions and regulatory considerations," Economic Change and Restructuring, Springer, vol. 57(3), pages 1-31, June.
    4. Li, Na & Dilanchiev, Azer & Mustafa, Ghulam, 2023. "From oil and mineral extraction to renewable energy: Analyzing the efficiency of green technology innovation in the transformation of the oil and gas sector in the extractive industry," Resources Policy, Elsevier, vol. 86(PA).
    5. Tuyen, Bui Quang & Phuong Anh, Do Vu & Mai, Nguyen Phuong & Long, To Quang, 2023. "Does corporate engagement in social responsibility affect firm innovation? The mediating role of digital transformation," International Review of Economics & Finance, Elsevier, vol. 84(C), pages 292-303.
    6. Jaros³aw Brodny & Magdalena Tutak, 2023. "The level of implementing sustainable development goal "Industry, innovation and infrastructure" of Agenda 2030 in the European Union countries: Application of MCDM methods," Oeconomia Copernicana, Institute of Economic Research, vol. 14(1), pages 47-102, March.
    7. Xu Qin & Yu Yong, 2024. "RETRACTED ARTICLE: Fostering the efficiency of the natural resource market for a comprehensive, long-term energy transition," Economic Change and Restructuring, Springer, vol. 57(3), pages 1-21, June.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jecomi:v:12:y:2024:i:8:p:190-:d:1441054. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.