Regional development

Regional development refers to a broad category of policies aimed at reducing regional disparities within an economy or across economies by devoting resources to underdeveloped areas.

Regional development can be national or international in nature.

In the past, regional development tended to center mostly on inward investment within national economies (OECD,2020).

In recent decades, however, regional development has taken on an increasingly international character.

For example, organizations such as the OECD, UN, and IMF have stepped up various forms of economic assistance to less developed regions.