Publication Details:

Armenian Economic Review (AER) is an open-access journal publishing high-quality, peer-reviewed theoretical and empirical research across the full spectrum of economics, finance, business and management.AER emphasizes inclusivity, research integrity, and methodological soundness, with submissions evaluated on scholarly merit rather than perceived impact.AER adopts an objective and constructive peer-review process and uses article-level metrics to assess research on its own merits. It welcomes contributions relevant to both academic and practitioner audiences

Journal or Publication Title:

Armenian Economic Review

Date of publication:

2025

Volume:

1

ISSN:

e-3045-3216

Contributor(s):

Editor in Chief: Meri Manucharyan

Publication place:

Yerevan

Coverage:

30-38

Abstract:

In the context of globalization and rapid digital transformation, innovative development has become a decisive factor shaping the competitiveness and sustainable growth of national economies. Countries that successfully integrate innovation into their strategic management frameworks are able to maintain resilience, attract investment, and ensure long-term economic progress. However, many developing economies still face serious challenges that limit their innovative potential. The purpose of this article is to identify the main issues of innovative development and to analyze possible directions for strengthening strategic management of the economy through the adoption of international best practices. The research highlights a number of persistent problems, including insufficient investment in research and development (R&D), weak cooperation between science and business, institutional barriers, and the outflow of qualified human capital. These issues create a gap between innovative potential and actual performance, slowing down the pace of transformation. The methodological basis of the study is a comparative analysis of international experiences, focusing on the cases of South Korea, Israel, and Estonia, which have achieved remarkable results in fostering innovation-oriented growth. Their models demonstrate how state policy, private sector initiatives, and academic research can be effectively combined within a unified strategy. The results of the study show that for countries such as Armenia, integrating innovation policy with strategies of digital transformation and green growth is essential for achieving sustainable competitiveness. The findings suggest that national priorities should be reoriented toward creating favorable conditions for R&D investment, strengthening innovation ecosystems, and enhancing strategic coordination between key stakeholders.

Publisher:

Institute of Economics after M. Kotanyan of the NAS RA

Format:

pdf

Identifier:

click here to follow the link ; oai:arar.sci.am:427770

Language:

en

Digitization:

Fundamental Scientific Library of NAS RA