Innovative capacity of the Russia’s economy: The formation, level and intensity of usage

The article assesses the impact of leveraging innovative capacity on the growth of the Russia’s economy. For this purpose, an economic construct of innovative capacity has been developed and its optimal level of usage has been determined. By defining the components of the innovative capacity of the economy based on the identified factors, its economic and mathematical model was built. Calculation of the effectiveness of using the innovative capacity of the Russia’s economy showed alignment between existing possibilities to newly emerging needs. Based on the contribution of the factors under study to GDP growth rate, the structure of the Russia’s economy was revealed. Taken together, this constitutes an approach in which innovative potential is comprised of such elements as innovative capabilities and innovative reserve. Achieving the targeted (planned) GDP growth rates is ensured by the optimal usage of the innovative capacity of the Russia’s economy, revealing the state of economic equilibrium. The developed criterion for the optimal usage of the innovative capacity shows a ratio between innovative capabilities and innovative reserve, which ensures the required growth rate of the final economic indicator. Determining the rate of using the innovative capacity, calculated as the ratio of innovative capabilities to innovative reserve, designates the point of ideal state of the economy. Exceeding this point indicates the intensity of its further usage. All of this substantiates the quality of the structure of the Russia’s economy. Taken together, this forms a methodology for assessing the impact of innovative capacity on the economic growth, which enables the identification of relevant research topics and, on this basis, determine promising directions for the implementation of their results. It also serves as a missing component in Russia’s modern economic strategy.