Abstract
The question of the formation of a competitive economy at the regional level is relevant and arouses great interest among modern scientists, especially in light of the processes of decentralization and globalization, when individual regions are the main participants in competitive relations. The article is devoted to determining the features of regional development as a factor in the competitiveness of the region's economy. The grouping of factors of regional development into economic, social, ecological and institutional factors is presented. The regions face the issue of ensuring a high level of development and forming the desired level of competitiveness. Regional development reflects the state of the region's economy, has a direct impact on its ability to participate in competition and, as a result, affects competitiveness. The economy of the region is considered as a part of the national economic complex of the country, which functions on the basis of microeconomic relations. Regional development is considered as such a state of the economic system of the region, which ensures the formation of a high standard of living of the population on the basis of balanced and sustainable reproduction of the potential of the region (resource, ecological, social, production, financial, scientific). The factors of regional development can be considered as competitive advantages of the region's economy. In the process of forming a competitive economy of the region, the highly competitive economy of the region is able to ensure the stability of regional development, which is characterized by the growth of the economy in conditions of limited resources, instability of the external and internal environment, and the influence of destabilizing factors. As a result of the study, the relationship between regional development and the competitiveness of the region's economy was revealed. It should be noted that most of the factors of regional development act as factors in the formation of a competitive economy of the region. In the process of ensuring the desired level of competitiveness of the regional economy, it is necessary to take into account the economic, ecological, social and institutional aspects of regional development.
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