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Innovations are considered under the current conditions as one of the key sources and drivers to strengthen not only the economic but also the social prosperity of countries and their competitiveness. The paper focuses on revealing the relationship between research and development expenditure and the level of global competitiveness and innovation activity of V4 countries. Secondary data representing the Global Competitiveness Index (GCI), the World Competitiveness Index (WCI) and the Global Innovation Index (GII) for the 2011-2016 period were used to assess global competitiveness. Indicators of gross domestic expenditure on R&D (GERD) according to each sector of performance were obtained from the Eurostat database. In the assessment framework of the global competitiveness and innovation activity of the V4 countries, the Czech Republic is the leader, as it has reached almost double the average spending on research and development (€ 280.92 per capita) compared to the average of € 158.84 per capita in the V4 countries. The results of the correlation and regression analysis confirmed the dependence between R&D amount and competition and innovation activity assessment of V4, and a direct relationship between R&D expenditure increase (GERD_T per capita) and the growth of values of the analyzed indexes was indicated. We have achieved the best results of our analysis in assessing the interrelationship between the Innovation Activity (GII) and all the R&D expenditure variants of V4 countries. Finally, we can conclude that the growth of R&D spending can make a significant contribution to increasing the competitiveness and level of innovation activities of the V4 countries.

The Importance of Research and Development Spending In the Context of Global Competitiveness and the Innovation Potential of the V4 Countries