Innovation is a fundamental driver of sustained economic growth

The role of innovation in economic growth has become increasingly important. Innovation is essential for a healthy and thriving economy because it increases productivity, boosts consumer confidence and spending, generates increased profits for businesses, and creates new jobs. The result is that economists have calculated that approximately is attributed to innovation. It’s no secret that innovation is a . According to the Organization for Economic Co-Operation and Development (OECD), nations with environments conducive to innovation witness higher GDP growth rates than their peers who lack these conditions. By fostering innovation, we can create entirely new industries and revenue streams. The internet is a prime example of this: it has completely transformed how we conduct business and opened up a world of opportunity in terms of markets for goods and services.