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Managing innovation – A factor of competitiveness in the global context

Abstract: In this paper, the authors highlight the importance of innovation for the global competitiveness index in the example of the European Union countries. Over the past period, the importance of innovation has been increasingly pronounced, which leads to a revolution in business and economy. Besides the success of knowledge-based economy, innovations also enable people, communities and countries to enhance their impact on business, politics and society. The World Economic Forum defines competitiveness as a set of institutions, regulations and other factors which determine the level of productivity of a particular country. The indicator of the level of competitiveness is called GCI (Global Competitiveness Index – GCI) and deals with measuring average values of numerous microeconomic and macroeconomic components.

Key words: innovation, global environment, innovation index, global competitiveness index

Source: symorg.fon.bg.ac.rs