Sectors: Regional Economic Development
Regional economic development is one of the key means by which governments seek to reduce and remove regional disparities in economic and social well-being.
WYG International has been involved in the design, development and implementation of regional economic development policies and programmes for over 20 years as a leading adviser in Central, Eastern and South Eastern Europe and Southern Africa.
We have provided advice, technical assistance and capacity development to national, regional and local governments, agencies and businesses.
The disparities that these agencies face can be caused by a number of factors, each of which may require a different response. WYG International has significant global experience in responding to all of the following situations:
- The decline of traditional industries due to exhaustion of resources or global changes in supply and demand, leading to long-term unemployment, poverty and social exclusion
- The differences in prosperity between urban and rural areas
- Transitions in the economic management systems of countries, such as a move from a centrally-planned economy, or even a break-up of a previous union, such as the USSR or the former Yugoslavia
- The legacy of war, particularly on border areas and newly-independent states leading to a lack of private sector investment, polarised communities and depopulation
WYG International has a unique understanding of the difficulties and opportunities involved in developing and transitional countries. Much of this experience comes from local experts with direct experience of economic development in their own region.
Our integrated portfolio of management and technical services is structured around eight broad themes:p>
- Legislation: the development of legislation for regional economic development
- Framework: the institutional and management framework for regional policy
- Strategy: designing and developing a clear regional economic strategy, identifying areas for particular attention, and grounded within a national economic development strategy
- Investment: the design and implementation of policies to attract investment and to encourage the development of the private sector
- Subsidies: the role, advantages and disadvantages of investment and job creating subsidies
- EU accession: regional economic development policies and programmes as an important instrument in EU accession
Regional policy is usually designed to correct certain spatial consequences of the free market economy, and to achieve two interrelated objectives – economic growth and improved social distribution. Not all transitional nations, however, have the same problems or opportunities. At WYG International we develop policies and programmes from new, and this approach enables us to take full account of local conditions.
We do not impose our solutions on our local partners, or transpose them from other countries, but develop bespoke responses that are appropriate to specific economic and social circumstances.
To find out more about how we can help, please contact our Regional Economic Development Consultants team.
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