THE IMPACT OF HIGHER EDUCATION INSTITUTIONS ON THE COUNTRY'S ECONOMY

Higher education institutions are playing an increasingly important role in increasing the economic competitiveness of national economies. The role of higher education institutions in economic development and the enhancement of national economic competition, as well as in supporting the global competitiveness of countries, is using the educational power of higher education institutions. As we know, higher education institutions are not only the final product, the strongest single element of knowledge and culture, but also one of the factors that can have a significant impact on the development and decline of professions and nations. As we have noted, the knowledge and skills acquired from higher education institutions play an important role on a global scale in terms of economic prosperity and competition. We are currently living in a knowledge-based economic era, and the creation and transfer of knowledge is a key driver of economic development. We know that in most countries of the world, economic prosperity for a country no longer depends on rich natural resources and cheap labor, but rather on the "competitive advantage" of economic prosperity, which is increasingly based on creative and scientific innovations. This, in turn, defines the new paradigm of economic development, that is, universities as the main driving force of economic growth. Today, many countries are participating in the big brain race, and there is growing competition between countries for new knowledge and innovation. States are increasingly adopting well-designed competitive strategies to improve their position in the global economic arena. Higher education institutions are one of the advantages of the economic power of states, and each state strives to increase the potential and quality of this sector. States invest in higher education institutions to stimulate innovation and industrial development, and in research institutes, research parks, and various research programs. The article focuses on the growing economic competitiveness of countries in the global market, as well as the rise of universities as a driver of the country's economy and universitybusiness relations, the role of higher education in national competitiveness, as well as the contribution of higher education to economic competitiveness.