Abstract
The research paper is mainly focusing on analysis and findings about the most suitable regional economic development models in less developed countries. Strategically the research is concentrated to find ways and build an approach toward balanced regional economic development (RED). During research the paper, specifically ifs focused to develop a strategic model for regional economic development in young country used as case study in the paper- Kosovo case. That model should be used to support the business environment as well affecting the overall development of the country through coordinated project management and synergy creation among the communities, local authorities and businesses. The research methodology used shows and mixed-methodological approach including both qualitative and quantitative data collection and appraisal, which included desk review covering existing literature at national and international level, semi-structured interviews with key, group discussions, relevant reports and other related documents. Actual situation in Kosovo regarding regional development suffers in many directions. Policies and strategies actually leave a gap, whilst most of regions and municipalities lack the capacities to create an effective environment for private sector development and job creation. There as well is dissatisfaction among stakeholders regarding the functioning of existing regional development model, structures and processes. The paper aims to establish new model and approach for balanced regional economic development based on balanced distribution of responsibilities between the central and local government levels with clear roles and responsibilities. This model will serve as one stop shop at regions supporting the business development and increasing employability in the country.
Highlights
Regional economic development models, policy and practice have transformed significantly over the last decades
Policy and practice have transformed significantly over the last decades. Their relevance has been challenged in recent years by the new economic geography that has emerged in view of globalization as most nations veer towards a more democratic and decentralized approach to plan and implement their various economic development activities
The emergence of new regional dynamics calls on countries to fine-tune current Regional Economic Development (RED) perspectives and/or to develop new strategies and approaches that are more in sync with the present and future global context and with the governance systems being adopted, but are becoming more and more business oriented
Summary
Policy and practice have transformed significantly over the last decades. Modern growth theory has devoted substantial attention to the search for the determinants of economic growth by means of aggregated models In these approaches ‘economic development' has been often conceptualised as an increase in 'equilibrium' per-capita income and the interest of researchers mainly has concerned the identification of the main economic factors influencing it [1, 2]. Regional economics is the branch of economics which incorporates the dimension ‘space’ into analysis of the workings of the market It does so by including space in logical schemes, laws and models which regulate and interpret the formation of prices, demand, productive capacity, levels of output and development, growth rates, and the distribution of income in conditions of unequal regional endowments of resources [2, 3]
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