Innovative development of countries in the context of global economic imbalances

The paper emphasises the fact that innovation is a driver for development and a leading factor in economic growth and ensuring a high level of competitiveness. The aim of the research is to determine the role of innovative development of a country in its economic development and competitiveness of the national economy. The world’s leading countries now face the challenge of building a competitive economy, so the dynamics of positioning countries in the Global Competitiveness Index and Global Innovation Index has been provided and the view that innovation plays an important role in the country’s development and the formation of its competitiveness confirmed. The authors have distinguished groups of countries by systematising the places they occupy. Furthermore, they have identified features of innovation strategies of the countries in the proposed groups. The paper also suggests integrated assessment of innovation and economic development of countries, which allows to determine their level, trace the dynamics and determine the relationship between innovation and economic development for every country.