Savitska Svitlana, Candidate of Economical Sciences, Associate Professor, Associate Professor of the Department of Accounting, Taxation and E-Business Technologies, Higher Education Institution «Podillia State University», Kamianets-Podilskyi, Ukraine

ORCID: 0000-0003-1739-3536
e-mail: savitska_svitlana@pdatu.edu.ua

The Role of Investment Activity in Ensuring the Economic Security of the State

Abstract. Introduction. The article examines the role of investment activity in ensuring the economic security of the state in the conditions of macroeconomic instability and military challenges in 2018–2024. It is substantiated that investment security is a key component of economic security, as it determines the state’s ability to form, attract and effectively use investment resources without losing economic sovereignty and minimizing risks to national interests. 

Purpose. The purpose of the study is to assess the impact of investment activity on financial and economic security based on the analysis of GDP dynamics, foreign direct investment, the share of investment in GDP, and key macrofinancial indicators.

Results. Based on an analysis of gross domestic product (GDP), foreign direct investment, and the share of investment in GDP, a close relationship has been established between investment activity and a country’s financial stability. It was found that, from 2022 to 2024, there was a significant reduction in investment activity and a decrease in the share of capital investment in GDP to critically low values (6–9%), indicating a weakening of the economy’s reproductive potential. A numerical analysis of the state budget deficit, state debt, and inflation showed an increase in fiscal and debt risks, as well as increased inflation volatility and dependence on external financing. Particular attention was given to evaluating the effect of international financial assistance on maintaining macro-financial stability and forming debt obligations. The main investment security risks were categorized as military, macro-financial, currency, and institutional. 

Conclusions. Effective management of investment processes, intensification of state investment policy, diversification of financing sources, stimulation of domestic investors, and improvement of the institutional environment are identified as strategic prerequisites for strengthening financial and economic security and ensuring the sustainable development of Ukraine.

Keywords: investment activity; economic security; financial security; investments; martial law.

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