Abstract

The article highlights the impact of the transformation of the world economic system on the economic development of re¬¬gion under the conditions of globalization. At this, it was determined that transformation (from the Latin transformatio – change) is an action or process of changing the appearance, nature, form or character of an object, and globalization (from the Latin “globus”, French “global” – general) is a process, trend, function of historical development, which is characterized by comprehensiveness and integrity. The intuitive understanding of the concept of economic development of territory connects its content with positive changes in a certain space. However, this interpretation, although generally understood, nevertheless has a number of uncertainties related to both individual definitions of development of region and the importance of synthesizing these definitions in a spatial context. At the same time, it should be emphasized that the global economy is in a state in which all countries and regions not only influence each other, but are also closely interconnected. Along with this trend of regional development, there is a growing awareness of the existence and need to take these processes into account in practice. Such a holistic and innovative approach to socioeconomic and cultural de¬velopment in a globalized economy contributes to the more effective use of all availab¬le potentials and resources of different spatial units, and – ultimately – to obtain their sustainable competitive advantage, including in the international arena

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