Business Climate of the Region as a Factor of Ensuring Sustainable Economic Growth

Despite a number of reforms, Ukraine has not created the necessary environment to stimulate entrepreneurial activity, active investment inflows and economic growth in the regions. The article analyzes the assessment of the business environment of Ukraine according to different world ratings and comparative assessment of the business environment of Ukraine and other countries. Risks for the development of the business environment in Ukraine have been identified. An assessment of the interdependence between the quality of the business environment in the regions of Ukraine and the growth rate of GRP. The analysis of regional features of the quality of the business environment in Ukraine shows positive changes in all regions in terms of ease of business registration, land registration, connection to the grid and difficulties with paying local taxes and the development of electronic services. However, the achieved results have not yet been converted into a stable dynamics of economic growth and increasing the level of Ukraine's competitiveness in the world economy. Among the main problems of business environment development are low level of protection of intellectual property and property of business entities, inefficiency of the judicial system in Ukraine, low level of financial and investment freedom of business, unavailability of credit resources for starting and conducting business. Interregional comparisons of the business environment and economic growth of Ukraine's regions prove that the leading regions in terms of economic growth are characterized by a relatively higher quality of business climate, moreover, in recent years they have increased their position in the regional ranking of ease of doing business. At the same time, the largest group of regions in Ukraine, which still manages to maintain a positive pace of economic development, are outsiders in terms of both the quality of the business climate and the loss of ranking positions. The most difficult situation with the business environment has developed in such industrial regions as Zaporizhia, Poltava, Kharkiv regions. That is, the regions, which have always focused on large enterprises in the industrial sector, have not yet been able to refocus on supporting entrepreneurship and stimulating entrepreneurial activity.