DEFINITION OF THE CONCEPT OF ECONOMIC DEVELOPMENT AND REVIEW OF ITS CRITERIA AND INDICATORS

The article provides a comprehensive analysis of the theoretical and methodological foundations of economic development as a multifaceted process. The evolution of scientific approaches to defining the concept of economic development is considered. The main criteria and indicators for evaluating economic development at different levels of the economic system are systematized and classified. Methodological approaches to the formation of a system of indicators for assessing the state and prospects of economic development of the western region of Ukraine are substantiated. Ways to improve existing methods for assessing economic development are proposed, taking into account modern challenges and features of the regional economy.