INNOVATION IN THE WORLD ECONOMY DURING THE GLOBAL CRISIS (Dzialalnosc innowacyjna w gospodarce swiatowej w warunkach globalnego kryzysu)

The main aim of this article is to assess the impact of the global crisis on innovation. The comparative analysis of business R&D expenditures in the world economy shows that firms from Japan and the USA had the strongest slowdown in the growth rate of R&D spending in response to the current economic crisis. European enterprises to a lesser extent limited the increase of their R&D budgets, while firms from the emerging markets decided to boost innovation and increase their R&D expenditures.