Indicators System As a Measure of Development Level of Knowledge Economy : Application of World Bank Methodology

Scientific and technological advances and economic globalization impose new requirements on the organization of domestic economy. Knowledge economy development principles were formulated in order to understand current processes. Special attention was paid to specific features of the knowledge economy. A comprehensive approach proposed by the World Bank was studied under a special Knowledge for Development Program (K4D) to assess country's economic readiness to shift to the knowledge economy model. Countries were ranged based on the Knowledge Economy Index and top-10 countries were selected. Such indices as the Global Innovation Index, the Human Development Index and collections of analytic works also indicate a transfer to the knowledge economy. The development of the Global Innovation Index was studied and top-10 countries having the highest indices were selected. A research was made into the Human Development Index and its dynamics in Russia and in G20 countries was analyzed over the period of 1995-2015. An analytic compendium entitled “Top-100 Global Innovators Report” (Clarivate Analytics. 2017) made it possible to identify world innovation hubs. The research that was carried out confirms that counties need to transfer to the knowledge economy in order to show a sustainable economic growth