Volyn region in the plane of socio-economic development of Ukraine

The main indicators of socio-economic development of Volyn region are analyzed in the article. The comparative analysis of the main socio-economic indicators was carried out between the Volyn region and others regions of Ukraine. It is established that the Volyn region is a region with an average level of socio-economic development with decreasing tendency. It is proved that, in the conditions of high-level of regional differentiation in Ukraine, the average values of indicators of socio-economic development of regions are insufficient for regional economy capitalization, for ensuring the proper welfare level and for improving quality of life of the population. The position of Volyn region among other Ukrainian regions in various regional rankings was also analyzed. The results of the rankings strongly demonstrate the Volyn region's place in the socio-economic development of Ukraine. The results of Monitoring the socio-economic development of regions showed that the management decisions wich had been taken in the Volyn region were not efficient and effective enough. Therefore, there is a need to correct such decisions and to update strategic planning and management models in Volyn region in general. Analysis of the results of Regional Doing Business Ranking showed the problematic moments in interaction between busuness entities and local authorities in Volyn region, because in fact the Volyn region scored only 50,8% of the possible points, and only due to the fact that in other regions of the state the situation was even worse, Volyn region took the 8th position in this rating. This confirms not a favorable conditions and the poor business climate for the development of small and medium-sized businesses in the regions of Ukraine as a whole. According to Regional investment efficiency ranking, Volyn region has significantly improved its position in the ranking compared to its position in 2016. The high points of Volyn region in Q1 2018 indicate the potential of the region for improving the investment efficiency. According to Rating of European Integration of Regions, Volyn region is one of the six regions with the highest scores. Although realistically, the Volyn region received only 50,9% of the maximum possible points. All this demonstrates the overall low activity of the regions of Ukraine in the processes of European integration, unrealized potential of Volyn region in this direction and it’s missed opportunities (about 50%). Based on results of Monitoring of the process of power decentralisation and local governance reform, Volyn region gets good marks in the rating for the formation of able communities as of 10 January 2020 (ranked 6th). In general, according to the regional ratings, Volyn region occupies the higher than the average position among Ukrainians regions. At the same time, the results of the analytical study showed instability in socio economic development of Volyn region and its unstable positions in the ranking tables. The obtained results can be applied when making a strategy of socio-economic development of Volyn region and when making a forecast of indicators in the medium and long term