Innovation, economic sustainability and sustainable development: theoretical and practical aspects

Abstract

The article conducts a comprehensive study of the relationship between innovation, economic sustainability and sustainable development, which are key factors of modern economic growth. The theoretical foundations of these concepts, their interaction and significance for the formation of a competitive economy are revealed. The main mechanisms for introducing innovations in various sectors of the economy and their role in ensuring long-term economic stability are identified. Strategic approaches to innovative development are outlined, which contribute to increasing the adaptability of economic systems to global challenges.

Economic sustainability is analyzed as the ability of a system to maintain and strengthen its structure under the influence of internal and external factors. It is determined that economic sustainability largely depends on the level of technological innovations, their scale and pace of integration into production and management processes. Mechanisms for increasing economic sustainability based on the effective use of innovative resources, including financial, technological and intellectual assets, are investigated.

Sustainable development is considered as a concept that includes economic, environmental and social components. The main principles of sustainable development are determined, including: rational use of resources, minimization of negative impact on the environment, creation of favorable conditions for social progress. It is proven that the integration of innovation strategies is one of the key factors in achieving sustainable development, as it contributes to increasing the efficiency of the use of natural and production resources, reducing environmental risks and increasing the well-being of the population.

Particular attention is paid to practical aspects of implementing innovation strategies in various sectors of the economy. Examples of successful application of innovative technologies in industry, the agricultural sector, energy and the service sector are given. The impact of digitalization, automation and artificial intelligence on the transformation of business processes and increasing labor productivity is studied. The role of state policy in stimulating innovative activity, creating favorable conditions for the development of entrepreneurship and attracting investments in scientific and research activities is considered.

The results obtained can be used to develop effective economic policies and management decisions aimed at increasing the innovation potential of the economy. Recommendations are proposed for the development of strategies for sustainable economic development, taking into account modern technological challenges and global trends. The presented conclusions can become the basis for further scientific research and practical application in the digital economy.