Importance Under the conditions of increased competition between regions and further expansion of their independence, the development of comprehensive and reliable methodology for assessing the competitiveness of regions is of particular relevance. Objectives The research aims to develop a methodology to assess competitiveness of regions and to identify and justify social and economic indicators of regional competitiveness. Methods On the basis of the ranking method and the method of expert assessments, we have developed methodological tools, in particular, an algorithm of assessing competitiveness of a region, which is based on the proposed and substantiated social and economic indicators of competitiveness. We proposed and justified the social and economic indicators, which are necessary for the assessment. In addition, we presented three key conditions, under which a researcher will obtain reliable and comprehensive assessment of regional competitiveness. Results We conclude that the findings of this paper can be used in the course of strategic regional development, in particular, in developing and implementing strategies of social and economic development of regions, and for the purpose of regional marketing based on existing and potential competitive advantages of territories and regions. Conclusions and Relevance We conclude that the use of the ranking method and the method of expert assessment as a methodological base for the study of region's competitiveness enables to get a comprehensive and reliable picture of competitive position and competitive advantages of investigated regions. In addition, we emphasize the universality of this technique as any researcher can use it discretionary, making necessary adjustments and improvements at any stage of research.
Keywords: region, competitiveness, development, economic factors, social factors, ranking method, integral indicator
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