THE INFLUENCE OF INNOVATION AND TECHNOLOGY ON LONG-TERM ECONOMIC GROWTH

Innovation and technology play a crucial role in driving long-term economic growth by enhancing productivity, fostering entrepreneurship, and increasing competitiveness. This paper explores how technological advancements and innovation contribute to sustained economic expansion. By analyzing theoretical perspectives and empirical evidence, the study highlights the mechanisms through which innovation fuels economic progress. The study also discusses challenges such as the digital divide, regulatory constraints, and capital requirements. Finally, recommendations for policymakers and businesses on fostering innovation-driven growth are provided.