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This paper explores the importance and strategic objectives of innovation as an accelerator of competitiveness and economic development. It presents an analysis of innovation performance in Lithuania and other European Union (EU) economies. The possible trends and methods of innovation development are discussed. Strengthening competitiveness is the major objective in the policy of Lithuanian economy development. The economic growth and social well-being of small economies with little natural resources, as is characteristic of Lithuania, are greatly dependent on the capacity to produce and provide the market with competitive goods and services, which mostly demand not raw resources, but high technologies.
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