ESSENCE AND FACTORS OF SOCIO-ECONOMIC SUSTAINABILITY OF THE REGION

Abstract

This article summarizes and provides some definitions for the concepts of “sustainability”, “sustainable development”, “socioeconomic sustainability of a region”. Socioeconomic sustainability refers to economic growth, which includes practices that maintain a preferred percentage of development in a region. This “special form of activity of regional development” will be that where the population of a given territory will live better. From a social sustainability perspective, economic sustainability recognizes the impact of production entities on workers and society as a whole. This includes human rights, health, and security, work-life balance, charity, diversity, and equality. The article analyzes the essence of the economic sustainability of a region, examining the main factors, including negative ones, of its economic sustainability because no concept of transition to sustainable development will produce the desired result without taking into account the regional component. It is, therefore, necessary for a region to improve all its components and to make the best use of the factors influencing socio-economic sustainability. The author concludes that the unsustainable development of a region may lead to even greater risks, which will be difficult to manage in the future.