Abstract

Annotation. Innovative economic development requires the use of high-tech technologies and qualitatively new approaches to the conditions for ensuring sustainable economic development. The transformation of the economy actualizes the issues of developing conceptual aspects of the development of regions and the state as a whole, the formation of mechanisms of state regulation and support. The study of trends in the development of the world economy and factors affecting the sustainability of economic development contributes to the development of effective mechanisms that promote economic growth and development. The construction of a national innovation system requires an integrated approach that takes into account the achievements of the world economy in the development of knowledge-intensive and innovative economic sectors, ensuring the implementation of the principles of a «green economy» focused on the careful use of resources and reasonable consumption. The innovative vector of development of the national economy is impossible without a comprehensive mechanism of support of public authorities. The innovative orientation of the economy implies a high capital intensity, which leads to the emergence of financial deficits, the disclosure of which is impossible without effective regulators. Economic sanctions, the withdrawal of foreign capital from the country exacerbate the current problems of limited resources for technological and industrial breakthroughs, but at the same time create opportunities to fill the vacated niches with domestic high-tech and innovative projects that contribute to sectoral renewal and the national economy reaching a new level. Innovative developments are designed to provide priority sectors of the economy with sustainable competitive advantages both in the domestic market and in world markets. The need for pharmaceutical, technological and energy innovations is growing. The state is focused on supporting fundamental, high–tech research – space, IT technologies, bioengineering, etc. However, innovative activity is necessary in all sectors of the domestic economy, which is acutely felt during the period of tough sanctions policy against Russia. The article raises the issues of state stimulation of innovation activity of economic entities as factors contributing to the sustainable economic development of regions. The analysis of the factors contributing to the growth of innovation is carried out, the need for state influence on the innovation processes of the region is substantiated.

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