Significance of Innovations in the Time of Crisis - The Impact of COVID-19 Pandemic on Innovation Activities

The outbreak of the coronavirus pandemic in 2020 is unquestionably one of the greatest challenges the world has ever faced. Aside from the terrible repercussions for human health, the current situation with COVID-19 pandemic has impacted all economies across the globe. Based on scientific literature, publicly available data and analytical reports, this paper will try to identify the changes in innovations potential of certain countries caused by the current pandemic. Observing the indicators of the Global Innovation Index (GII), comparative analysis will show how much has the pandemic affected the innovation capacity of the chosen countries and indicate the differences among them. Furthermore, the paper aims to research and to perceive the importance of undertaking innovations and R&D activities in crises such as the spread of coronavirus.