IMPACT OF INNOVATIONS ON THE STANDARD OF LIVING IN THE CONTEXT OF THE CRISIS AND FALLING EXPORT PRICES FOR ENERGY RESOURCES

ABSTRACT

The article population, connection analyzes the impact of innovative technologies on the living standard of the which contribute to the best satisfaction of people's desires and needs. This can also be explained by the choices that innovations provide to people when increasing the product range. In addition, innovation involves improving processes and technologies that lead to easier movement, better health care, better communication, and so on. The standard of living, in turn, serves as an important indicator in the socio-economic life of society. In the context of a coronavirus pandemic andfalling prices for main exported goods, it is necessary to increase production volumes or reduce fixed costs in order to maintain the previous economic situation. This situation leads to a significant deterioration in the quality of life of people, as the labor load increases significantly, and companies reducing the number of employees and reviewing social policies reduce production costs. Thus, innovative solutions could be an excellent way out not only at the micro, but also at the macro level, and increase the country's competitiveness. New technologies would allow for an increase in production volumes at the same cost, which could compensate for the global drop in energy prices. The research conducted in the article shows thatfor the majority of States today, the most preferable way of development is the "innovative economy ". A regression model is constructed, which confirms the existence of an innovative impact with its high quality, and the significance of the positive impact of each of the created indices is revealed.