Approaches’ updating to determination of sustainability and balanced development of regional economic system

The article reveals a theoretical approach to the determination of the stability and balance of the development of regional economic systems, considering the specified classification of factors influencing these processes, examines various approaches to the determination of the stability and balance of the economic system development of the region, and discusses the importance of these approaches, each of which contributes to the determination of the stability and balance of the economic system development of the region. The author presents the interpretation of the regional economic system as a mesoeconomical system and an integrity formed by industrial relations between economic agents regarding the production, distribution, and consumption of public goods within the spatial and territorial boundaries of the region. Production relations are dynamic and changeable because of the influence of common factors caused by the action of basic economic laws, which are typical of economic systems of any scale. A group of special factors that have a dominant effect on the dynamics of industrial relations in modern conditions is suggested, i.e., natural-geographical, ethno- confessional, socio-economic, and socio-cultural ones. These factors determine the stability and balance of economic systems’ development in the regions in the national economic division of labor. The results obtained determine the author’s theoretical and methodological approach to determining the stability and balance of the development of economic systems in certain regions of the Russian Federation, such as the Kaliningrad Region, the Republic of Crimea, Sevastopol, Kamchatka, Sakhalin, Murmansk Region, the Republics of Kalmykia, Buryatia, Tyva, and Altai, taking into account the specific factors of the prevailing realities and challenges of the future. The results also provide a better understanding of the problem areas and the potential for subsequent planning and development of policies and activities in order to stimulate sustainable and balanced development of the economic system of the region.