New challenges for regional economy at the modern stage

Abstract

The purpose of the research is to study the influence of new challenges on the Russia’s regional economy at the modern stage and to develop the framework strategy of its reaction to these challenges for simultaneous protection of regional interests and stimulating the implementation of the national course of socio-economic development. The authors study the connection between national and regional indicators of economic development. These indicators form three categories that reflect the most topical landmarks of development of modern economic systems: economic development, sustainability, and innovations. For studying this connection, the authors use the methods of regression and correlation analysis. The results of the performed analysis contradicted the existing theoretical ideas on a priori positive influence of positive global tendencies on the regional economy and showed that these tendencies influence the national and regional levels in a different way. That’s why the strategy of regional development should be prepared not by the model of the national strategy but in view of the region’s peculiarities. For that, the authors offer the corresponding recommendations that allow regional economy to adapt to new modern challenges.