The growth of selected Central and Eastern European economies with reference to the global competitiveness innovation factor

Innovation is perceived as the key factor contributing to the economic prosperity of countries and regions. Endogenous growth models provide vast theoretical support for regarding technical progress as internal factor determining economic growth. The experience of developed countries proves positive impact of innovation on the growth of their GDP in the long term, on the other hand, many emerging economies search for the way of further transformation to support faster development. In this context, the analysis of innovation and business sophistication factor, as well as, GDP growth of selected emerging European economies, seems an interesting research area. The study’s conclusions can contribute to the discussion of possible ways of further transformation of emerging economies of Central and Eastern Europe.