Transformation of Regional Management in the Context of Globalization to Ensure Sustainable Development of Ukrainian Regions

Modern directions of formation of the global economic, informational and financial space define fundamentally new tasks for the formation and development of forms and methods of management of regional systems. The article is aimed at substantiating the need to transform regional management to ensure sustainable development of Ukrainian regions in the context of globalization. The article develops theoretical approaches to the interpretation of the concept of «region» and presents an author’s own definition of this concept as an open holistic system, the unity of which is secured by a number of factors (of geographical, political, social and economic nature), the elemental composition of which is characterized by a wide range of elements (including regional institutions), which as a result of constant interaction and mutual influence acquire new qualities and characteristics and cause qualitative changes in the system. The main features of the regional system include: the ability to self-reproduction; purposeful nature and dependence of its functioning and development on the composition and completeness of resource provision. The content of the concept of «globalization» is closer defined. It is proved that globalization puts forward new requirements for regional management, restrictions on modern economic development are outlined as well. Regions of Ukraine are actively involved in the processes of international and interregional integration, and the foreign economic activity of the regions has significant prospects. At that, the degree, depth of involvement of the region in the international integration process, the success of its foreign economic activity directly depend on the focus on innovative conduct of financial-economic activities, complementarity in financing, the use of the mechanism of public-private partnership. The main challenges of sustainable development of the regions of Ukraine (except for the pandemic) include: involvement of economic agents; development of engineering infrastructure; .