The Spesification of the Relationship Between Economic Development, Competitiveness and Innovation in European Union Using Canonical Correlation Analysis

The relation between economic development, competitiveness and innovation, the crucial indicators of the socio-economic development, has long been examined with both theoretical and empirical studies. Furthermore, the widespread wiew is the competitive formations in the economy and the innovation supporting government policies have positive effects on the economic development. In this study, with the aim of analyzing the relation between the economic development, competitiveness and the innovation, the economic development variables and the innovation-competitiveness variables of 27 European Union countries have been analyzed with canonical correlation analysis. The findings of the study suggest that there is high positive relationship between economic development, competitiveness and innovation.