Regional economic policy forming in modern conditions

The article deals with the problem of creating effective mechanisms of social and economic development management, including the task of establishing a new regional policy. It indicates that regional policy in modern conditions can be defined as a policy specifying interests and capabilities of state power in its relations with business and society in the process of the regions’ development. Ensuring the region ’s attractiveness is determined as a criterion of regional development and regional policy’s effectiveness. Economic policy confirms economic attractiveness of the region, and forms the conditions for sustainable economic growth. The resource, process, structural, spatial and institutional components are defined as the basic elements of economic policy. It is shown that regional economic policy should be developed in several scenarios and realized depending on the combination of situational factors. Regional economic policy is formed in the strategic, tactical and operative period, which requires the development and use of appropriate mechanisms, tools and resources.