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Improving the Assessment of Regional Economic Potential (on Example of Rostov Region)

Improving the Assessment of Regional Economic Potential (on Example of Rostov Region)

Journal of Economic Regulation, , Vol. 8 (no. 2),

The article discusses a number of problematic issues concerning the possibility of improving existing approaches to assessing regional economic potential. Based on the analysis of existing approaches it is concluded that presence of a number of inherent common disadvantages, which include the exclusion of complex assessment elements of intangible resources, isolation from development goals in the region, ignoring the possibility of incremental reserves development static evaluation results. To overcome these ambiguities the authors' approach to improving assessment procedures based on the allocation of the essential nature of the category «regional economic potential», which unites, on the one hand, the resources available for regional development (actual potential), and on the other hand, resources in respect of which the region has the opportunity to attract them as a tool for further development of (stochastic potential). As the degree of implementation of this option is determined by the quality of regional governance, the most important element of the economic potential of the region is also an effective mechanism for management of existing and potential resources of various types. The practical implementation of the proposed methodology suppose, for example, estimate the economic potential of the Rostov region. At the first stage of the evaluation determine the most important elements of this potential and their ranking, on the second – assessment of the status of these elements from the point of view of their availability, ability to attract and management efficiency, and the third – the normalized assessment of regional economic potential.

Keywords: economic potential; regional economy; Rostov oblast; evaluation of the potential of the territory; resource provision; internal reserves

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