Correlation of the Main Indicators of Economic Development of Regions

Abstract

The stability of dynamics of economic phenomena in the regional economy is associated with the general level of economic development of the country. The most important studies are based on the results of the analyses of the economy of developed countries. The article formulates conclusions on the relationship between economic differentiation and economic stability, as well as between instability and economic growth. Research of regional development should be based on a comprehensive and comprehensive definition of the management object – the region. Therefore, the authors emphasize that studying the economic development of regions is of particular relevance in modern economic conditions, when decentralization processes are taking place in Ukraine. To study the status of Ukraine’s economy at the regional level, it is proposed to implement a methodology based on the methods of synthesis and gradual specifying. To formalize the results of the practical application of the proposed research methodology, generally accepted indicators of the dynamics of certain directions of the country’s economy development were used. The use of dynamics indicators allowed to identify, on the one hand, long-term tendencies and trends of individual elements, and on the other hand, short-term changes in the processes of economic growth and development. The use of the built regression model can be used in forecasting GDP values per capita within the framework of the regional economic development policy. The authors demonstrate that an analysis of the similarity of dynamics of indicators of the economy of regions (correlation) and the dynamics of results of their economic activity, calculated according to the GRP indicator per capita, should be applied when substantiating the provisions of the regional economic development policy. It is recommended to build the policy of economic development of the regions taking into account the experience of the above-mentioned regions in the sphere of economic development. An interdependence is identified, which indicates an increase in the share of the resource economy and a decrease in the share of the science-intensity economy, the development of which contributes to the welfare of the country’s population.