Modern approach to assessing the level of economic security of the region

The economy of the region is a key link in the national economic system, and its sustainable development is achieved through increasing the level of economic security. The article aims to develop a methodological approach to assessing the level of economic security of the region. The objectives of the study are to improve and test a systemic assessment of the economic security of the region, taking into account the specific level of development of the main spheres of the economy in the context of functional areas of activity. The article used economic and statistical methods, methods of comparison and analogies. The study systematizes and identifies the limitations of existing approaches to assessing the level of economic security. It also notes the lack of universality of the widely used index method, and the insufficiency of methods for correctly taking into account the dynamics of regional economic development. The paper proposes an improved approach assessing the total level of economic security of the region, identifying the functional areas of development and specifying the system of calculation indicators, establishing the feasibility of using standardization of the indicators used. Attention has also been focused on positioning the calculation results in the context of a scale of “threshold” values, and the need for a comprehensive assessment system related not only to the size of the gross regional product. The proposed methodological approach was tested using the example of federal subjects of the Ural Federal District, and it was established that there is a need to update measures to increase the level of their economic security. General practical recommendations are given to increase the level of regional development as the foundation for the region’s sustainability.