The article examines the main trends in the economic dynamics of the North Caucasus macroregion of the Russian Federation in the first quarter of the 21st century. It is concluded that all the strategies for its socio-economic development implemented at this time had low effectiveness (most of the goals and key parameters recorded in them were not achieved), which, however, did not prevent the North Caucasus from demonstrating gg. fairly high rates of economic growth, mainly focusing on the development of a number of agricultural production sectors and associated light and food industry clusters. Since the mid-2010s. The recreational and tourism complex is becoming a noticeable driver of growth in all North Caucasian regions. Developing in line with all-Russian socio-economic trends (the process of metropolisation; the accelerated growth of the service economy and the service sector, the construction sector), the republics of the North Caucasus refracted them to their own demographic, settlement, economic, cultural, ethnosocial specifics, which was expressed in the sustainable preservation of a vast shadow sector , widespread small-scale commodity production in republican societies, high employment of the population in personal plots and in informal segments of the economy, and orientation of producers towards public investment. In 2022–2023 (the period of a special military operation), industry, agriculture, and the construction sector of most regions of the North Caucasus demonstrate growth rates that exceed all-Russian indicators - evidence of a fairly successful adaptation of the economy of the macroregion to new operating conditions.