Özet:

Today, technological innovations are one of the most important factors in achieving sustainable economic growth for countries in the long term. In order for technological innovations to be produced competitively, countries need to develop and strengthen their innovation climate and innovation capabilities. The main purpose of this study is to analyse the macroeconomic determinants of innovation capability for the 141 countries around the world for the 2019 data. In the study, according to the estimated model results, all explanatory variables in the model affect the dependent variable in the same direction. The signs of the coefficients of the explanatory variables are in line with the economic expectation. According to the empirical results, explanatory variables - business dynamism, financial system, research development and commercialization - contribute to the development of the innovation ability of countries. According to these results, it is of great importance to implement policies that will improve the innovation climate in order to develop innovations, which are the main source of economic development and sustainable economic growth.  Countries must effectively design all phases of the science, technology and innovation value chain. Countries should develop their innovation policies and strategies to provide high added value. The continuity of innovation production should be ensured by establishing an effective innovation ecosystem with the actors and factors affecting the innovation production capability of countries. Countries should strengthen the allocation of resources to research and development to strengthen the science, technology and innovation value chain. The number of researchers in the research sector should be supported. Cooperation between university and industry is strengthened. Innovation and entrepreneurship need to be supported. Technology and innovation-based transformation of the country's economy is important for sustainable economic growth. In this process, it is especially important to develop individual entrepreneurship and innovation culture. At the enterprise level, it is necessary to support the transformation of enterprises into an innovative structure. The development of technological innovations should be integrated as an important strategy at the center of development and industrialization policies. Increasing the sustainability and global competitiveness of the country's economy with macroeconomic policies that support innovation is important for increasing social welfare.

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