Definition of directions of increase of regions economic potential

Abstract

In the article the ways of increasing the economic potential of the region are determined. The key factors to consider when choosing a strategy of regional economic development are the level and characteristics of their operation, the position of each region in the ranking of regions in terms of economic potential. We suggest to consider the following alternative strategies of economic development of regions: internal oriented strategy; information and innovation strategy; exterior oriented strategy.All the proposed strategies are considered from the point of view of the economic potential of the regions. It means that criterion of their optimality is the effective use and optimal satisfaction of the needs of society at the given resources.

The final choice of the general strategy of economic development of the region should be done in the following way. It should be a strategy that can provide a sustainable competitive advantage, effective achievement of general and specific objectives, that can be flexible and adaptive to market changes, acceptable to the implementation, consistent with the organizational structure of management and coordinated with other strategies. In other words, it will provide strategic synergy of the region which is aimed at efficient use of its economic potential.