Innovation in the modern world as a source of economic development

Modern conditions for the development of the economy impose special requirements on doing business, which is due to rapid technological changes, a shortened product life cycle, a high level of competition and risk. Therefore, innovation is becoming a key success factor for companies. The country’s GDP growth is determined by three key factors: the state of the labor market, the availability of capital, and the development of technology. Assessing their condition, understanding development trends and determining the impact on the innovative development of the economy allows timely adoption of the necessary decisions at the state level to form the conditions necessary for the formation of an innovative climate. The successful development of the national economy, which is determined by the level of development of individual companies and industries, requires a scientific approach to the formation of an innovative environment. It is connected, first of all, with the identification of priority sectors of the economy, the support of which will accelerate and simplify the process of innovative development of the state...