Education as key element of innovation and inclusive economic growth

Abstract

Education is one of the most powerful tools for creation of qualitative economic growth, or growth which comes from within an economy. This article discusses the role of education in economic growth, and presents a case study of the Republic of Moldova, which is used to demonstrate how important it is to create education supporting innovative share of the economy. Education creates knowledge, thus innovation, thus entrepreneurship, thus competitiveness, resulting into long-term socio-economic prosperity. Addressing national policies related to education becomes very important in this regard, because wise approach can establish prerequisites for further economic growth. In this way, countries like Moldova should be successful in meeting the challenges of globalization and succeeding by using own competitive advantages and becoming a hub for innovations. This article is interesting for businesses, including entrepreneurs and potential investors, as well as for the governmental organizations and public authorities JEL CLASSIFICATION: 011, 012, 038