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OPPORTUNITIES TO IMPROVE THE PROCESS OF LOCAL ECONOMIC DEVELOPMENT PLANNING
Abstract
Planning local economic development is essential for building, improving and restoring the economic capacity of the region, thereby creating an opportunity to improve the quality of life in the region. In the process of local economic development planning, the public, private and non-governmental sector should be collectively involved, and their joint efforts should be geared towards creating better conditions for regional economic growth, preserving existing and creating new jobs. An important place in the planning of local economic development in strengthening the economic capacity of the particular region must be devoted to the implementation of strategic planning of regional economic development in order to enable the local community to adapt to the dynamic development at the local level, both nationally and internationally. It is crucial that public sector organizations use strategic planning of local economic development as an opportunity to improve the investment climate in the region, create opportunities for productivity gains by stimulating the use of new innovative technologies in production, and create opportunities for growth the competitiveness of local businesses. In determining the effectiveness of the process of local economic development planning, the ability of local communities to improve the quality of life and to create new economic opportunities must be assessed, while recognizing they need for strategic planning of local economic development, as a result of which they focus their efforts on strategic actions in today's dynamic, constantly changing and increasingly competitive world, both for the individual person and for the community, public and business organizations.
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