Formation of a regional economic development strategy in modern conditions: Challenges and prospects

The growing independence of the Russian regions and the powers they have been granted on various issues make the study of regional economic systems relevant. As with the global economy, the regional economy is currently undergoing a transformation in some areas due to technological and geopolitical changes on a global scale.The study aims to analyse and summarise the current approaches to the formation and implementation of regional economic policy adopted by Russian regional authorities, and to assess the current challenges and prospects for further improvement of regional economic policy.The modern tools for implementing regional economic policy are characterized. The methods for combating current challenges, including economic sanctions, are considered using specific examples. A sample analysis of the main economic indicators of regions in different federal districts is carried out. The conclusion is made that the economies of Russian regions are stable. The subsequent prospects for improving regional economic policy are assessed. Problems for further research are proposed.The results and conclusions of this study can be applied to the practical implementation of measures for regional economic policy formation. The results of the work are original and are based on the most relevant theoretical approaches, practical developments and statistical data; therefore, they are highly significant from both scientific and practical perspectives.