Economy of knowledge and transfer of innovations: Ukraine’s progress through the lens of European development trends

In advanced economies, the acceleration of scientific and technological progress, the introduction of innovations are connected with the opportunities for developing the knowledge economy, commercialization of technologies and innovation transfer networks. The current stage of scientific and technical progress takes place in conditions of dynamic global competition and at the same time requires cooperation and collaboration. This paper aims to determine the dependence of economic development on indicators characterizing the potential of a country’s knowledge economy and transfer of innovations. The study focuses on finding ways to assess the impact of the potential of the country’s scientific and educational activities on innovative development using the characteristics of the “business-education-science” system in the field of innovation transfer. The methodological research tools are the abstract-logical method and correlation-regression analysis, which allowed establishing relevant links between the indicators of the development of education, science and the economy in the context of the knowledge economy and the transfer of innovations for Ukraine and European countries in the period 2016–2021. It was found that in many countries of the “new” Europe (Bulgaria, Greece, Lithuania, Latvia, Estonia, Slovakia, Slovenia, Cyprus, Malta, Portugal), as well as in Ukraine, the trend of independence of GDP growth from indicators of the development of science and education is maintained. At the same time, the countries of “old” Europe maintain their innovative progress at a high level, investing in science-intensive activities, infrastructure and the R&amp;D sector. The results can be used to improve the efficiency of innovation transfer in Ukraine, for which the paper provides relevant recommendations.