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COMPARATIVE ANALYSIS OF THE EUROPEAN UNION INNOVATION PERFORMANCE IN RELATION WITH MAJOR INTERNATIONAL COMPETITORS
Abstract
At present, it is widely accepted that the innovation represents the engine for the economic development, increasing the quality of life and building a sustainable future for humanity. Innovation exists from the beginning of mankind, in various forms, but only during the last century, its role increased continuously and became a fundamental element in the development process. European Union started to assess the performance in innovation from 2001 with European Innovation Scoreboard, a composite indicator that covers the multiple aspects of innovation in each EU country and, also, at the level at whole union. In the same time, every year, the EU performance in innovation is compared with the achievements of the major international competitors, in order to see what is the position of EU in international competition and which are the possibilities to enhance its innovation performance. The tool used for this international comparison is similar with European Innovation Scoreboard, but uses less indicators, only the ones available for all countries considered for the analysis, named Global Innovation Index. The paper presents the method of evaluation with European Innovation Scoreboard, the tool for international assessment and the results of the comparative analysis between European Union and its major international competitors for the period 2010 – 2016. The results show that EU was overtaken by South Korea, Japan and USA, but the trends are positive and there are perspectives to recover the gap in the future, if the innovation rate will be maintained or increased. European Union has some strength points which must be used in the international competition, combined with a strong policy to support innovation in all member states.
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