Product Innovation And Its Impact On The Economic Development Of The Country

Abstract

The formation of industrial clusters and the determination of the impact of the production of innovative products on GDP growth consists in developing a model for the interrelation of a group of factors influencing GDP growth. The conducted research reflects the different approaches of researchers explaining the formation of industrial clusters and the use of innovative technologies in the production of product innovations in the industrial sector. Research theories GDP growth is a complex phenomenon, and theories must take into account the many factors that affect the sustainability of development. The research methodology is based on studies of GDP growth and its influencing factors. The data was collected using statistical materials from Azerbaijan. The systematic method is used to analyze materials that increase the country's GDP and groups of factors. The relationship of these indicators with the construction of the model is also calculated. Industry clusters are an important tool for the economic development of the country, which contribute to the expansion of entrepreneurship in this area. Based on the analysis of GDP growth data, it was noted that economic growth does not remain stable and does not correspond to previous values. Based on statistical materials for 2010-2024 in
Azerbaijan, an econometric model of the relationship between GDP growth and groups of factors has been built. It is noted that the model justifies itself in determining the dependence of GDP growth in any country on specific factors. The results of the study can be applied in determining the main directions for the sustainable development of the economy and maintaining its pace at an optimal level. The research contributes to the growth of the country's GDP, thanks to the theoretical and practical results obtained. The relevance and value of the study is confirmed by its impact on the country's economy and the standard of living of the population.