Ensuring of labor productivity growth in the context of investment and innovation activity intensification

Abstract

Labor productivity determines the level and quality of life of society. The technical and technological level of production determines the level of labor productivity in the country. Therefore, the purpose of the article is to substantiate the basic theoretical principles and practical recommendations for intensification of investment and innovation activity. The object of research is the processes of the intensification of the investment and innovation activity in the system of ensuring of productivity growth. The theoretical and methodological basis of the research is the scientific works of domestic and foreign authors on labor productivity and ways of its increasing. As a result of the research, the level and dynamics of labor productivity in the countries of the world have been analyzed. The level of labor productivity in Ukraine in comparison with other countries has been determined. The introduction of innovations has been determined among the key factors in the growth of labor productivity. Therefore, the strategy of the investment and innovation development has been proposed. The basic principles of effective implementation of the investment-innovation strategy and the state investment-innovation policy for ensuring labor productivity growth have been substantiated. In order to achieve the goals of state investment and innovation policy and obtain the results on the growth of labor productivity, the priorities of allocation of public finance, as well as measures to enhance the development of venture capital and to stimulate the production of high-tech production have been proposed. The combination of changes from the implementation of the investment and innovation strategy, the state investment and innovation policy will result in the growth of labor productivity, ensure the competitiveness of the economy and sustainable socio-economic development of Ukraine.