COMPETITIVENESS OF THE REGIONAL ECONOMY AND REGIONAL DEVELOPMENT
Abstract
The article examines the essence of competitiveness of the region's economy and the influence of competitive advantages on them. The main elements of competitiveness of the region's economy are considered. The main indicators that determine the competitiveness of the economy at the regional level have been studied. The main groups of competitive advantages are defined. The relationship between competitiveness, sustainable development and regional development is determined. Groups of factors influencing regional development have been studied. The theoretical substantiation of such categories as competitive advantages, economic growth, socio-economic development allows us to single out practical recommendations regarding the formation of a high level of competitiveness of the regional economy and ensuring regional development. In modern conditions, competitiveness is a tool that makes it possible to assess the state of socio-economic development of the region and determine the effectiveness of the regional development management system. Each region of our country differs from each other in many parameters, such as climatic conditions, natural resources, economic development and many others. There is an important issue of ensuring a high level of regional development and reducing regional disparities. The formation of a competitive economy of the region makes it possible to ensure sustainable development through economic growth and regional development. Ensuring a high level of socio-economic development of the country and its individual regions is possible under the condition of forming an effective system of regional development. The most generalizing and widespread indicator characterizing the level of development of the region is the level of its competitiveness. A region whose economy is able to ensure qualitative changes for participants in economic relations is considered competitive. The competitiveness of the region and its economy is a complex indicator that reflects the ability of the economy at the regional level to create a competitive product, to compete at the regional, national and international levels. Thus, it was determined that the competitiveness of the region's economy is a generalized comprehensive indicator that characterizes the level of social and economic development of the region. The competitiveness of the regional economy is formed on the basis of the use of competitive advantages. A competitive economy is able to ensure sustainable development at the regional level. Further studies of the influence of the mutual influence of economic growth, regional development and the competitiveness of the region's economy are promising.
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