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The article deals with the analysis of the relationship between knowledge economy and economic growth and economic level of the countries. Concept of knowledge economy and its growth is defined in the first two chapters. Then two hypotheses about positive relationship between knowledge economy and economic level and knowledge economy and economic growth are verified at the group of the world economy countries. For verification of the both hypotheses is used regression analysis. The first hypothesis was confirmed. It holds for the group of world economy countries that the more investments in knowledge the country has, the more advanced is and vice versa. Also strong correlation between economic level of the country and each part of the knowledge economy index, i. e economic and institutional regime, education, innovation and information and communication technologies, was proved. On the contrary the second hypothesis was not confirmed. It does not hold that knowledge economy will lead to higher economic growth in future. Surprisingly it was found that relationship between these two variables is negative.

INFLUENCE OF THE KNOWLEDGE ECONOMY ON THE ECONOMIC GROWTH AND ECONOMIC LEVEL OF THE COUNTRIES