Revisiting structural transformations of the regional economy

Research on the structure of the economy and its changes is currently becoming particularly relevant due to the close correlation with economic growth. This trend is noted by both theoretical scientists and practical managers. These issues are even more acute at the regional level due to the rapid changes and less developed tools for managing structural transformations of the economy. The article presents the problem of the regional socio-economic systems' structural transformations analysis. The main theoretical prerequisites of structural research in the works of major foreign and domestic economists are studied. A brief review of current publications close to the topic of the work is conducted, and the areas requiring additional research are identified. The author presents the analysis of the structure of economic systems of the regions of the Russia's European North, i.e. industrial, territorial, reproductive and technological. A number of statistical and calculated indicators are identified, based on which the analysis of structural changes in the economy was carried out. The intensity of structural transformations of the economy in the regions of the European North of the Russian Federation is estimated using an integral indicator; the resultsare presented graphically. The study comprehensively covered most of the main approaches to the structure of the regional economy, with the exception of the institutional cross-section, which will later be included in a separate study due to the complexity of the current assessment. A retrospective and comparative analysis of structural transformations in the regional socio-economic systems of the European North of Russia is carried out. The author makes the conclusions regarding the proposed management tools for eliminating sectoral and territorial disparities, stimulating domestic demand and increasing the rate of accumulation, as well as modernizing the economy in order to make a transition to higher technological structures and lengthen the value chains in the regional economy. The importance of balanced structural policy is noted, and measures of structural and investment policy aimed at the balanced economic growth are described. The research makes its contribution to science by identifying current trends in socio-economic processes and structural shifts in the economy of the regions in the European North of Russia.