COMPARATIVE ASSESSMENT OF THE INFLUENCE OF A TECHNOLOGICAL FACTOR ON ECONOMIC GROWTH

The study focuses on the extent to which the technological factor affects economic growth and analyzes its role in enhancing socio-economic differentiation. We develop a methodology for ranking countries according to the level of their technological effectiveness using the specific index. Correlation and regression analysis is used to identify technological factors in economic development. Approbation of the approach took place on the example of the United States and China. The data obtained demonstrate that the increase in R&D costs and the export of high-tech products has a positive effect on economic growth. R&D spending provides 31.6 % to 41.9 % of GDP growth for the United States and China, respectively. Exports of high-tech products support GDP growth at the level of 2.7 % to 4.7 %. The research findings confirm that the technological factor encourages economic development through more efficient allocation of resources, the spread of innovations and the growth of high-tech exports. Regression models have proved this relationship. China ranks first in the index of technological effectiveness and is followed by the United States and Japan. Such countries as Kazakhstan, Brazil and Ukraine are lagging significantly behind some technologically advanced European nations (Romania, Poland, Bulgaria), as well as Turkey and Mexico. Analysis of data from a sample of 30 countries showed that technological differentiation is a direct cause of overall inequality. To bridge this technological gap, it is expedient to develop the existing technological potential in a consistent manner, while concentrating efforts on high-tech sectors capable of strengthening the foundation of the economy © 2021 B. Kheyfets, V. Chernova This is an open access article under the CC BY license. All Rights Reserved.