THE SIGNIFICANCE OF ECONOMIC INNOVATION IN THE CONDITIONS OF THE PANDEMIC CRISIS AND RELATED GOVERNMENT ACTIONS

Purpose:The aim of the article is to analyse the significance of innovation during the pandemic crisis and related government actions.The implementation of social distancing rules and the closure of public spaces by countries became key measures to combat the spread of the SARS-CoV-2 virus (COVID-19).Design/methodology/approach: The study is based on the analysis of scientific literature, including empirical research, from the period of 1 January 2020 to 31 December 2023.The research process involved systematising knowledge in the area of the research problem.Key economic mechanisms that emerged during the pandemic crisis were identified, and it was demonstrated how governments responded to the effects of the pandemic, aiming to prevent the consequences of COVID-19.Findings: The analysis revealed that the pandemic crisis exposed both the potential and the limitations of enterprise innovativeness.At the same time, differences in government support strategies significantly influenced the speed and effectiveness of businesses' adaptation to the changes that occurred in the economy. Research limitations/implications:The study is limited to the analysis of literature and the discussion of research findings from a selected period, which may not account for the full longterm effects of the pandemic crisis.Further research may focus on a detailed assessment of sectoral and regional differences in the creation of innovation during the crisis.Practical implications: The results show the necessity of building enterprise resilience to crises through investment in innovative technologies and business models.These conclusions can assist policy-makers in designing effective support mechanisms for companies in crisis situations. Social implications:The study highlights the importance of cohesive public policies that support innovation, which can positively impact quality of life and economic stability during crises.It is also possible to highlight the need for corporate social responsibility in addressing global challenges.Originality/value: The article demonstrates the significance of innovation during a crisis and emphasises the substantial impact of government actions and legal regulations on the development of innovative solutions.It includes conclusions relevant to enterprises in terms of preparation and response to future global crises.