Abstract:

The times when economic growth went by itself, and regional policy was only to guide this growth, are now outdated. Economic policy is responsible for promoting economic growth across the country by encouraging the regions' competitiveness and capacity to develop themselves. It is considered that a wider sense should be given to the concept of regional disparities, which, in the current sense, only concern the level of production, income or unemployment. Currently, there are new types of imbalances, mainly in terms of environmental quality, endowment with infrastructure elements, education opportunities, capital possibilities, access to competition and others. All of these elements refer to upstream disparities, which affect the context in which businesses and local authorities operate. Building on these aspects, the economic growth of a region implies sustainable regional development, efficient use of public funds, increased regions' ability to change and innovate, and also an increased influence of private investment.