Economy competitiveness: Is technology innovation the gateway to development?

Abstract

The purpose of this paper is to analyze the underlying transformational strategy and impact of innovation that stimulates growth and development of the economy for global competitiveness. Competitiveness varies among economies as a result of the different transformational strategies implemented. This paper further compares the competitiveness of different economies, the correlation and the impact of technology on the economy. Literature review was conducted on academic journals and international organizational reports that focused on the development stages and the concepts of innovation. Data collection and analysis were done to collect statistical data and information from government, academics and world organizations' surveys, and report data. Based on the outcome of the research, it could be stated that the core goal of most effective strategies toward growth and development of an economy is directly linked to the effectiveness of technology innovation and strategies. The paper concludes by reiterating the role of technology innovation and economic technology capacities towards development.