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Modern Problems of Financial Stability of Territories in the Context of Balanced Development
Muzychenko V. V.

Muzychenko, Viktoriia V. (2024) “Modern Problems of Financial Stability of Territories in the Context of Balanced Development.” Business Inform 7:114–124.
https://doi.org/10.32983/2222-4459-2024-7-114-124

Section: Regional Economy

Article is written in Ukrainian
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UDC 338.2

Abstract:
The problem of ensuring the financial sustainability of territories is relevant in conditions of economic instability. Balanced development of territories involves the efficient use of financial resources, support for entrepreneurial activity, and stability of local budgets. This article examines the contemporary problems of financial sustainability of territories and provides recommendations for their balanced development. The aim of the article is to identify problems of financial sustainability of territories and develop recommendations for their balanced development. The study analyzes the factors influencing the financial sustainability of the territories and identifies mechanisms for increasing the financial stability of the regions. The pivotal factor is the development of small and medium-sized businesses (SMEs), which create jobs and foster economic growth. Support for SMEs includes access to finance, administrative support and skills development for entrepreneurs. The provision of credit guarantees, the development of microfinancing and the support of venture capital can increase the financial sustainability of SMEs. Simplification of business registration procedures, reduction of regulatory barriers and transparency of the tax system contribute to the development of entrepreneurial activity. It is noted that from 2021 to 2023 the number of enterprises in the Kharkiv region fluctuated due to hostilities. This has had a significant impact on economic activity and the business climate in the region. The analysis of the number of individual entrepreneurs also reflects negative trends. Many entrepreneurs were forced to close their businesses or relocate them to other regions. The hostilities have had a significant negative impact on the economic situation in the Kharkiv region, which affects the overall financial sustainability of the region. This highlights the need to support businesses to recover financial sustainability. The continuation of financial programs to support SMEs will help strengthen the financial sustainability of the region.

Keywords: financial sustainability, balanced development, small and medium-sized businesses, local budgets, economic instability, support for entrepreneurship.

Fig.: 2. Tabl.: 1. Bibl.: 15.

Muzychenko Viktoriia V. – Postgraduate Student, Department of Economics and Marketing, O. M. Beketov National University of Urban Economy in Kharkiv (17 Chornohlazivska Str., Kharkіv, 61002, Ukraine)
Email: [email protected]

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