Abstract
The purpose of the paper is to identify and assess impact of global innovation factors of modern international business development and the world economies development. Methodology. The study uses methods of specification and systematic analysis – to determine factors of global economic environment, global innovation factors, statistical and economic methods – to analyze impact of global innovation factors on the development of international business and economies. Results of the survey shows impact of innovation development of global economy on macroeconomic, technological, legal, political and cultural environment of global economic environment of international business development; dynamics of global criteria of integrated indicators to determine impact of global innovation factors on the world economies development. Practical implications. The factors of global economic environment in the conditions of global innovation development form a regular tendency of transformation of international business development which causes its new structure and qualitative condition. The Global Competitiveness Index (GCI) assesses the imperatives of global competitiveness: institutions, infrastructure, ICT adoption, macroeconomic stability, health, skills, product market, labor market, financial system, market size, business dynamism, innovation capability, – related to rapid spread of ICT and digital technologies, idea generation, entrepreneurial culture, innovation, openness and innovation adaptability. The Global Innovation Index (GII) is used to assess comprehensively global innovation factors and innovation development of the world`s countries in the global economy system. With innovation factors management, estimated by GII, the prospects of innovation development of the world economies could be shown. The GII contains the pillars of the country’s innovation development: institutions, human capital and research, infrastructure, market sophistication, business sophistication, knowledge and technology outputs, creative outputs. Value/originality. The analysis assesses of international indices of innovation development, the complexity of innovation process, the innovation activity and innovation potential for the development of international business and the world economies. The methodology of indices concerning the pillars of the innovation development or the innovation capacity of countries helps to predict the innovation factors of the national economy development of a country and the environment of international business.
Highlights
The study of the content of scientific and technological progress determines it as a catalyst for technological changes and a factor of economic growth
Within rapid globalization development and instability of global economy the technological progress is a key factor in international business relations, economies through innovation adoption in manufacturing and other areas
The main trends in evolution and growth of global economic environment based on its components development can be identified the following: the study of global economic environment through the globalism; the economic basis of global economic environment development is the global transition of states of society, i.e. the transformations; the global economic environment is to be understood as a set of economic development conditions; the main pillars of global economic environment formation are: the macroeconomic subenvironment, the technological sub-environment, the legal sub-environment, the political sub-environment, the cultural sub-environment; the adaptation of the stakeholders of international economic relations occurs through the activities of individuals
Summary
The study of the content of scientific and technological progress determines it as a catalyst for technological changes and a factor of economic growth. Within rapid globalization development and instability of global economy the technological progress is a key factor in international business relations, economies through innovation adoption in manufacturing and other areas. Trends in development of global economic environment are to be formulated to understand the progress of entire system of international economic relations. To be understood as a set of economic development conditions; the main pillars (factors) of global economic environment formation are: the macroeconomic subenvironment, the technological sub-environment, the legal sub-environment, the political sub-environment, the cultural sub-environment; the adaptation of the stakeholders of international economic relations occurs through the activities of individuals. The pillars of global economic environment – from macroeconomic to cultural ones – determine the direction of integration of countries, enterprises, business and individuals into global economic environment in the globalism era
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Free) 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call
