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The Conception of Local Economic Development as an Instrument for Sustainable Economic Growth of Territories: Ukrainian Aspect
Androshchuk I. O., Riedrieiev R. A.

Androshchuk, Ilona O., and Riedrieiev, Rostyslav A. (2024) “The Conception of Local Economic Development as an Instrument for Sustainable Economic Growth of Territories: Ukrainian Aspect.” Business Inform 7:124–137.
https://doi.org/10.32983/2222-4459-2024-7-124-137

Section: Regional Economy

Article is written in English
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UDC 332.1:338.2

Abstract:
The aim of this article is to study the conception of local economic development as an instrument for sustainable economic growth of territories in the context of decentralization, including the process of implementation of foreign experience of this conception in Ukrainian realities. The article analyzes modern theories of local economic development. An analysis of the definition of the concept of «local economic development», key elements and basic principles is carried out. The main barriers that hinder local economic development are noted, namely: financial and economic, innovative, social, environmental, political, lack of motivation and controlling system, as well as institutional barrier. The key risks characteristic of the general goals of local economic development are studied, including: risks of physical capital; risks associated with technological innovations; human capital risks; social capital risks, as well as risks related to the macroeconomic environment; risks related to the technological environment; ecological risks; risks associated with the cultural environment; infrastructure-related risks and political and legal risks. The key stakeholders of local economic development have been identified, which include: the government, local self-governments, non-profit organizations, business organizations, international organizations and the population. An analysis of the activities of stakeholders in the measurement of international trends is carried out. The advantages for the development of territories through the use of the conception of local economic development are substantiated. It is proved that the implementation of the conception of local economic development, taking into account the positive experience of foreign countries, will accelerate the development of the domestic economy and reduce the negative dynamics of destructive changes due to military aggression on the territory of Ukraine.

Keywords: local economic development, territory, community, economic growth, competitiveness, risks.

Fig.: 6. Tabl.: 3. Bibl.: 20.

Androshchuk Ilona O. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of Economics, Management and Commercial Activity, Central Ukrainian National Technical University (8 Universytetskyi Ave., Kropyvnytskyi, 25006, Ukraine)
Email: [email protected]
Riedrieiev Rostyslav A. – Postgraduate Student, Central Ukrainian National Technical University (8 Universytetskyi Ave., Kropyvnytskyi, 25006, Ukraine)
Email: [email protected]

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