Regional economic sustainability: Concept, structure and determining factors

Aim. This study aims to examine regional economic development challenges in the context of an unstable market environment and unprecedented sanctions pressure from Western countries. It proposes a structural model of regional economic sustainability as a foundation for developing effective tools for regional economic management. Objectives. The research analyzes modern theories and practices of regional management, reviews expert opinions on achieving sustainable regional economic functioning and development through a systems approach, and offers an original definition of “regional economic sustainability”. Methods. The study uses analytical methods, viewing the region through the lens of a systems approach. Results. The article synthesizes findings from Russian scientists on managing regional economic sustainability. The article presents the author’s interpretation of the concept of “regional economic sustainability” and proposes a structural model that identifies external and internal sustainability contours, along with the factors influencing them. This model supports the development of socio-economic indicators that reflect the features of economic sustainability comprehensively and are classified based on influencing factors. It also facilitates the creation of a unified indicator of regional economic sustainability. Conclusions. The research concludes that achieving “dynamic equilibrium” between the internal and external environments is essential for ensuring the region’s effective functioning and sustainable development over the long term. Addressing this challenge requires a new regional management concept, based on a methodology for managing economic sustainability.