Received 15.12.2023, Revised 18.03.2024, Accepted 20.05.2024

Innovations and their impact on the economy of the modern world

Mykhailo Hanchuk

The paper examines the role of innovations in the modern economy and their impact on the global market. Scientific and practical research in innovation is carried out at a wide range of levels and is reflected in numerous publications. Given the constant development of society and the economy, new unresolved aspects and questions arise. It is important to determine the role of innovation in the modern economy. The author actively examines current trends in developing innovative technologies and their far-reaching impact on various sectors of the economy, including production, services, trade, and finance. The article dynamically analyzes key aspects of the innovation process, such as the innovative activity of enterprises, the role of state regulation, and the impact of innovations on the competitiveness of companies and national economies. The study is based on a dynamic analysis of modern scientific sources and statistical data. It presents the latest approaches to understanding the innovation process and its vital importance for economic development. The article examines the impact of innovations on changes in the structure of production and changes in business models. The author considers the role of innovative startups in the creation of new markets and the development of new sectors of the economy. The influence of innovations on changing consumer preferences, social structures and environmental aspects of economic growth is also investigated. The article provides the reader with a deep understanding of how innovation affects economic dynamics and how it can be used to ensure sustainable development in today's world. It was determined that innovations are classified according to the nature of innovative changes, the degree of novelty, and the level of risk. The influence of innovations on the structure of markets and competition is determined. The findings of this research hold significant potential for practical application. They can inform the formulation of strategies for enterprise development, economic sector growth, and national economic advancement. Moreover, they can guide policy-making in the domains of science, technology, and innovation, underscoring the practical relevance of this study

innovations; economy; modern world; competitiveness; technological progress; investments; scientific and technical development
102-109
Hanchuk, M. (2024). Innovations and their impact on the economy of the modern world. Innovation and Sustainability, 4(2), 102-109. https://doi.org/10.31649/ins.2024.2.102.109

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