INTELLECTUAL CAPITAL AS A DRIVER OF ECONOMIC GROWTH

The article examines the role of intellectual capital as a key driver of economic growth in the context of the global knowledge economy. It explores the scientific aspects of the formation and utilization of intellectual capital, including human, structural, and market capital. Particular attention is paid to the relationship between the development of intellectual capital and the enhancement of economic competitiveness, as well as the impact of knowledge, innovations, and technological progress on economic processes. The relevance of the topic lies in the fact that the level of development of intellectual capital components varies across countries, and strengthening these components can ensure economic growth. The development of national welfare directly depends on the level of scientific and technological progress, new developments, as well as the adoption of technologies and the advancement of human capital. The development of the economy is determined by its innovative orientation. The aim of the article is to substantiate the role of intellectual capital as a key driver of economic growth and, based on scientific research, to determine its structure, functions, and significance for economic and innovative development. Drawing on scientific studies, the authors identified the main mechanisms for integrating intellectual capital into economic processes and emphasized its importance in ensuring sustainable development within the modern knowledge economy. The results of the study confirm a direct correlation between the level of intellectual capital development and the pace of economic growth. It was also established that intellectual capital operates with varying efficiency in developed and developing countries. In developing countries, particular attention should be paid not only to ensuring access to education but also to improving its quality. Any efforts aimed at accelerating economic growth must be based on intellectual capital.