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.

In the last two years, Ukraine and the world have been living in economic instability caused by the COVID-19 pandemic, which has fundamentally changed the trends in global and domestic economies, public and local finance. This study aims to estimate the trends of economic development of Ukrainian regions in the coronavirus crisis and their impact on the local budgets’ tax revenues generation. Main findings show the impact of the COVID-19 crisis on the development of Ukrainian regions is territorially differentiated. It is determined that in quarantine restrictions, the regions were developing under the impact of behavioral and institutional factors. Although a range of enterprises terminated their activities and there was a decline in income from business activities in 2020, the tax revenues of local budgets increased. The growth of tax revenues was accompanied by decreasing interbudgetary transfers and growing expenditures on containing the spread of pandemics and supporting healthcare. Reduced transfers to local budgets from the public budget affected the funding of investment programs of regional development. The abovementioned effects of falling business activity and consumer expenditures of the population along with falling investment can be considered the delayed effects of economic activity curtailment in the short-term period. An intensive increase of public investment that stipulates projects co-funding from budget funds and resources of businesses and establishment of cooperation between public, regional, and local levels of government should become among the primary steps to overcome the negative trends.

Purpose. The research aims to detect main trends of regional development of Ukraine’s economy, and substantiate imbalances and risks, which must be taken into account in the formation of a new model of regional development of Ukraine and improving financial-economic resilience under conditions of modern turbulence. Methodology / approach. The general theoretical scientific methods, fundamental principles of regional economy, which are highlighted in the works of both Ukrainian and foreign scientists on spatial development. The following research methods were used to perform to fulfill the tasks: abstract-logical, comparative and correlation analysis, graphic visualization, statistical. Results. The research puts forward a rage of hypotheses: the regions with higher economic activity concentration develop faster; the regions oriented on technology-intensive economic activity types and with high innovation activity level have higher chances for economic growth; economic growth can result in growing interregional inequalities and imbalances in a long run; economically powerful regions are more resilient to financial and economic crises. Their verification shows that the economic development of Ukrainian regions is determined by factors other than initial economic capacity. Ukrainian regions are hardly developing according to the recognized global development principles. Their economic success is ensured by orientation on the agricultural output (usually low-margin) rather than technology-intensive economic activities and dynamic innovative activity. Interregional comparisons of business environment condition and economic growth of Ukrainian regions prove that the regions-leaders by economic growth paces are characterized by the relatively higher quality of entrepreneurial climate. Moreover, recently, they have been improving their positions in regional doing business rankings. Meanwhile, the largest group of Ukrainian regions, which still have positive rates of economic development, is the outsider in terms of both the business climate quality and loss of ranking positions. The most difficult situation with entrepreneurship environment is in Zaporizhzhia, Poltava, and Kherson oblasts. Therefore, the regions that used to be oriented on large enterprises of the industrial sector have not managed to reorient themselves on the support of entrepreneurship and stimulation of entrepreneurial activity. However, a positive sign is a significant improvement of Zaporizhzhia and Dnipropetrovsk oblasts positions in the rankings. Originality / scientific novelty. Based on the studying of regional development trends under crisis conditions of financial-economic turbulence, the research outlines current risks of regional economic growth, including the risk of further loss of economic capacity of Ukraine and its regions to achieve resilient growth, the risk of delayed effect of economic growth slowdown in a short-term period, the risk of growing economic development imbalances of Ukrainian regions. Practical value / implications. The value of the study lies in the use of identified trends and risks in building a new methodology of state regional policy and updating tools to stimulate economic development of Ukraine, which will increase the stability of the economy under conditions of financial and economic turbulence.

The study aims to determine the systemic prerequisites for shaping the local budgets’ tax revenue and analyze its impact on the development of municipalities in developed countries.The authors examine the impact of the following factors on the municipal budgets’ tax revenue: the behavioural patterns of economic entities (in particular, in terms of property management), the role of the state in shaping the municipal budgets’ tax revenue, and the comprehension of the nature of the tax.Using the example of defining the economic nature of personal income tax, the article proves (based on the analysis of municipal budgets’ tax revenue in EU countries) that the policy of local governments regarding the accumulation of the tax for their budgets changes as the essential characteristics of the tax change.Based on a comparison of the experience of municipalities in developed countries, the authors identify the factors influencing property taxation systems that shape property tax revenue: differences in the structure of the economy and the effects of its change, behavioural reactions of economic entities and existing traditions of property ownership in different countries, peculiarities of the property market development in various countries, etc. Trends in the structure of the economy and their potential impact on the tax capacity of local budgets are analyzed. The need for diversification of tax revenue sources to provide municipalities with an adequate level of resilience in the face of constant economic changes and permanent crises is emphasized.

The experience of the new regional policy of the EU and its implementation in the domestic economy is important for Ukraine, which, on the one hand, is facing the unprecedented challenge of the war with Russia and its destructive influence on the economy and infrastructure, and, on the other hand, under these conditions has received the status of a candidate for EU membership, and has thus taken an important step towards EU membership. The purpose of the article is to research new approaches to the formation of the regional policy of Ukraine and the directions of its convergence with the regional policy of the EU. The article defines the directions of convergence of regional policies of the EU and Ukraine, namely: synchronization of development planning periods, stimulation of development of functional types of territories, common principles of regional policy formation, etc. The advantages and disadvantages of the use of regional development tools in Ukraine are analyzed, including regional development strategies, regional development agencies, typology of territories, the system of financial equalization of territorial development, etc. The peculiarities of the development of the domestic regional policy related to its implicitness, the shift of the emphasis from the regional to the local level, and the reduction of the resource and institutional capacity of the regions are outlined. The main challenges and risks of Ukraine’s regional policy caused by the war, reforms, and peculiarities of national and regional administration are defined and directions for their leveling are outlined. The article emphasizes that the prospects for the development of territories in Ukraine should be planned taking into account structural changes in the economy, business relocation, changes in the structure of population resettlement, changes in logistics chains, the permanent threat of the neighborhood with the Russian Federation, etc. The primary tasks should be the following: making changes in the strategic documents of the state and regions, creating a fund for the restoration of territories, changing the approaches to financing regional projects, and strengthening cost equalization.