Determining and systematizing metrics of the economic growth potential of rural areas: Considerations of the specifics of the international approach

Abstract

Subject. The article discusses key indicators of the economic growth potential of rural areas with respect to the specifics of the international approach. Objectives. We study approaches to determining the concept of economic growth and key concepts of rural area development, which prevail in modern economics. The study also analyzes the applicable sets of indicators contributing to the effective evaluation and stimulation of the economic growth potential of rural areas. Methods. The study is based on the analysis of the existing theories of the economic growth in rural areas. We systematized economic knowledge and practices of determining economic growth indicators. Results. We analyzed basic difficulties in determining key economic growth drivers in rural areas, and identified aspects that influence the sustainable development and transformation of rural areas, referring to the use of innovative development concepts and their competitive advantages. The article sorts out key groups of various social metrics of the economic growth potential, and shows various combinations of socio-economic development indicators of rural areas. Conclusions and Relevance. The economic growth of rural areas depends in opportunities and drivers of effective strategic development, for which the growth potential should be adequately assessed and implemented. Evaluating the economic growth potential and development of rural areas, it is possible to set up crucial goals for raising the efficiency and competitiveness, such as the development of modern agricultural production, the establishment of the balanced administrative system and the creation of reasons for the State, business and people to follow common interests in order to improve the quality of rural life.