SUSTAINABILITY OF THE REGIONAL ECONOMY AND STRUCTURAL SHIFTS: THEORY AND PRACTICE

Abstract

The article is devoted to the study of the problem of sustainable development of the regional economy in modern conditions, which is characterized by a high degree of unpredictability. This problem is of strategic importance for the reason that the political situation in the country primarily depends on the dynamics of socio-economic processes in the regions. The article discusses various interpretations of the category "stability of the regional economy" and the factors that determine the dynamics of the development of the situation in the regional economy. It is noted that this category is among the fairly controversial in modern economic science. However, there is no doubt that technology development will continue to play a strategic role in the face of ever-increasing competition between countries and regions. It is technologies that will be the most important condition for ensuring and maintaining a leading position. The article proposes a broader and more objective definition of the stability of the regional economy as the ability of the regional economy to quickly and effectively solve economic, social, environmental and other problems, which, ultimately, will allow not only to restore the trajectory of its development. Ideally, a sustainable regional economy should be capable of a high degree of adaptability to new conditions. Ensuring sustainable development of the regional economy presupposes appropriate institutional support: economic, political, social institutions not only contribute to the restoration of the previous trend of regional development. It is modern institutions that ensure the transition to a new model of regional economic development, which is characterized by a more efficient use of economic, human, financial and other resources.