LOCAL ECONOMIC DEVELOPMENT: DEFINITION AND GOALS

Local economic development is a dynamic process of collaborative efforts aimed at improving the economic condition of a specific geographical area. It encompasses not only economic growth but also job creation, income enhancement, quality of life improvement, and increased competitiveness. This is a complex process that requires cooperation among various stakeholders, including government bodies, local authorities, businesses, civil society, and the academic sector. Successful local economic development contributes to the sustainability of the region, its prosperity, and the well-being of its residents. In the context of strategic planning, local economic development is viewed as the foundation for the effectiveness and success of macroeconomic development. A systematic approach is used for theoretical and methodological generalization of scientific concepts and developments. The result of the research is to justify the necessity of planning local economic development based on principles of transparency and partnership between economic entities and society.