DETERMINANTS OF ECONOMIC POLICY IN THE SYSTEM OF SUSTAINABLE DEVELOPMENT OF THE REGION

Keywords: regional economy, economic policy, region, determinants, sustainable development, development of productive forces

Abstract

The array of scientific theoretical works formed so far has laid the foundation both for empirical research aimed at identifying decision-making determinants in the field of economic policy, and for formulating recommendations for improving its effectiveness. At the same time, despite the progress made, a number of fundamental issues remain unresolved. The purpose of the article is to determine the determinants of economic policy in the system of sustainable development of the region. It is determined that as of today the key problems of economic policy are related to the parallel existence of regulatory mechanisms at the national and international levels, with the participation of the institutional context of economic policy, as well as the development of recommendations to optimize the functioning of the economic system. . It is substantiated that the task of determining the determinants of economic policy in the system of sustainable development of the region and creating an integrated approach based on them, which allows to analyze the processes of economic policy formation both nationally and internationally, comes to the fore. It is proved that the most characteristic determinants that significantly affect the development of regions and without which it is impossible to implement an effective regional policy can be conditionally grouped into two groups according to the extent and generalization of the impact. It is substantiated that due to the competition between regions for attracting investment, there are regional determinants: interaction and cooperation between regions and central authorities, the level of decentralization, competitiveness and the level of disparities in regional development. Individual, corporate, sectoral and macroeconomic determinants of economic policy are singled out. It is determined that the main obstacle in the direction of regional development planning is the presence of both temporal and spatial inconsistencies between stakeholders. New directions of improvement of regional policy in the system of sustainable development of the region are offered.

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Published
2021-05-25
How to Cite
Vasilyuk, S., & Shafieva, L. (2021). DETERMINANTS OF ECONOMIC POLICY IN THE SYSTEM OF SUSTAINABLE DEVELOPMENT OF THE REGION. Economy and Society, (27). https://doi.org/10.32782/2524-0072/2021-27-31
Section
ECONOMICS