Question

Role of innovation in economic development

Answer 1

Innovation is important at all stages of development; specifically, the creation and diffusion of technologies are important for economic growth and welfare across all economies. ... Opportunities for successful innovation experiments and a potentially different framework for development are emerging.

Answer 2

Explanation:

One of the major benefits of innovation is its contribution to economic growth. Simply put, innovation can lead to higher productivity, meaning that the same input generates a greater output. As productivity rises, more goods and services are produced – in other words, the economy grows..