Foresight and Innovation as Determinants of Economic Performance on theExample of the Swedish Economy

The processes of globalization, changing economic conditions and customer’s expectations are forcing economies and functioning in these entities to be ready for constant change and adaptation. Innovative activity and foresight can help them with this challenge. Thanks to innovative activity, innovative entrepreneurship is able to survive and overcome the threat of increasing competition. A similar effect can be attributed to the nature of the foresight essence. Overall, the key idea is to anticipate and prepare for the events, phenomena, processes or whatever needs to take place in the future. The purpose of this article is to attempt to characterize the innovation and foresight as determinants of economic viability, enabling adaptation to ongoing changes and occurring phenomena on the example of the Swedish economy, which is considered to be the one of the most innovative and competitive in the world.