Global innovation index 2020: who will finance innovations
Authors: Androschuk Gennady 
Published: April 2021

Problem setting. The current state of the world economy is characterized by large-scale transformations, which are manifested in the development of key technologies of Industry 4.0, smart specialization, increasing international competition, accelerating all processes that become global and more open. For developing countries, including Ukraine, innovation is particularly important as it underpins industrialization, which plays a key role in diversifying the economy and overcoming its structural weakness. Industry is the engine of innovation, productivity growth and exports.
Аnalysis of recent researches and publications. Numerous works by well-known foreign economists have devoted to the issues of innovative development of economic systems, research of innovations as a factor of sustainable growth and increase of competitiveness of the country in the conditions of globalization, digital transformation of economy: P. Drucker, M. Castells, F. Nixon, P. Fischer, J. Schumpeter, K. Schwab, L. Abalkin, A. Aganbegyan, A. Warsaw, L. Gokhberg, R. Greenberg, M. Delyagin, V. Inozemtsev, N. Ivanova, B. Kuzyk, D. Lviv. Also these issues were researched by Ukrainian specialists: G. Androschuk, L. Antonyuk, Y. Atamanova, Y. Bazhal, V. Bazylevych, O. Butnik - Siversky, V. Geets, V. Gusev, O. Zhilinska, I. Egorov, O. Kuzmin, L. Ligonenko B Malitsky, I. Makarenko, V. Muntiyan, V. Parkhomenko, S. Prilipko, V. Solovyov, V. Sidenko, O. Simson, N. Chukhrai, L. Fedulova, A. Yakovlev and others. At the same time, the multifaceted and complex nature of this issue, the dynamics of change in the world, especially during the pandemic COVID-19, require further research.
The purpose of this research is to research the dynamics of innovation activity on an international scale based on the consolidated indicators of the Global Innovation Index for 2020, to determine the place of Ukraine in it.
Article’s main body. Based on the consolidated indicators of the Global Innovation Index for 2020, the dynamics of innovation activity on an international scale is considered, a comparative analysis is conducted, the relative advantages and weaknesses of national innovation systems are identified, and Ukraine’s place is determined. In GII, Ukraine ranks 45th out of 131 countries, showing an overall increase in the ranking of the innovation index and in the sub-indices: + 20 positions in education and +10 in R&D. Ukraine also retained 2nd place among countries with below-average income. It is noted that the coronavirus pandemic has had a negative impact on innovation and caused a significant decline in national and global economies. At the same time, by affecting some industries, COVID-19 stimulates the development and funding of innovation in others, especially in the areas of computer technology, digitalization, and healthcare. The study confirmed the stability of innovative development of countries that have traditionally been leaders in this index in previous years. The crisis caused by COVID-19 can be a catalyst for innovation in many traditional industries, such as tourism, education and retail. It can also stimulate innovation in the organization of work processes at the level of enterprises and individual employees, as well as in the (re) organization of production locally and globally. Today, it is extremely important to unleash this potential, which requires government support, as well as models of interaction and further private sector investment in innovation.
Conclusions and prospects for the development. In conclusion, it should be noted that GII continues to support and stimulate innovation in an era of change. The purpose of the next 13th analytical report is to provide meaningful data on innovations and thus help the representatives of policy-making bodies in assessing the effectiveness of innovation activities of their countries, making informed decisions on further state innovation policy. At this stage, with increasing one-sidedness and nationalism, it is important to remember that most countries that have improved their positions in GII over time have benefited significantly from integration into global value chains and innovation networks. China, Vietnam, India and the Philippines are good examples.