region

1. region; area
   Ovaj region je poznat po dobrom vinu. — This region is known for its good wine.
2. (of the former Yugoslavia) the region; the former Yugoslav countries
   To je najpopularniji bend u regionu. — It's the most popular band in the region.
   Cene su ovde niže nego u ostatku regiona. — Prices here are lower than in the rest of the region.

In Serbian media, u regionu often means "in the former Yugoslav countries" or, more broadly, "in neighboring countries"; its exact scope depends on context.