Competitiveness of the Region in the Global Economy

The article is devoted to the problem of assessing the level of competitiveness in the global economy. A new approach to building a methodology for assessing competitiveness is described. The methodology is based on the formulated basic properties necessary for gaining a leading position in the economic sphere. The methodical approaches to the determination of the Regional Competitiveness Index consistent with the Global Competitiveness Index of the World Economic Forum are revealed. The methodology described in the article for constructing a regional competitiveness rating will allow regional authorities and management to proceed to analytical procedures for identifying the strength and nature of the influence of individual factors and properties on the competitiveness of a region. The results of this research will create the prerequisites for the development of economic solutions for the formation of competitive advantages and competitiveness of the region. Potential investors will get an idea of the competitiveness of individual regions of the country which will contribute to the formation of an investment decision with reduced risks. The article presents the original methodology and the results of the Regional Competitiveness Index calculations which are determined from 123 indicators grouped into three sub-indices (each of them characterizes the main factors of regional competitiveness) and four subindices (each of them characterizes competitiveness properties of the region). Calculations of the Regional Competitiveness Index were obtained for 85 Russian regions and are based on statistical information.