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{"id":22051,"date":"2026-06-02T09:26:27","date_gmt":"2026-06-02T06:26:27","guid":{"rendered":"https:\/\/modecon.mnau.edu.ua\/?p=22051"},"modified":"2026-06-03T09:23:48","modified_gmt":"2026-06-03T06:23:48","slug":"the-role-of-investment-activity","status":"publish","type":"post","link":"https:\/\/modecon.mnau.edu.ua\/en\/the-role-of-investment-activity\/","title":{"rendered":"Savitska S. The Role of Investment Activity in Ensuring the Economic Security of the State"},"content":{"rendered":"

[vc_row][vc_column][vc_column_text]<\/p>\n\n\n\n
JEL Classification:<\/strong> E22, F21, O11<\/span><\/i><\/td>\nDOI<\/b>: https:\/\/doi.org\/10.31521\/modecon.V56(2026)-28<\/a><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

[\/vc_column_text][vc_column_text]Savitska Svitlana, <\/b>Candidate of Economical Sciences, Associate Professor, Associate Professor of the Department of Accounting, Taxation and E-Business Technologies, Higher Education Institution \u00abPodillia State University\u00bb, Kamianets-Podilskyi, Ukraine<\/span><\/p>\n

ORCID:<\/strong> 0000-0003-1739-3536<\/span><\/a>
\ne-mail: <\/strong>savitska_svitlana@pdatu.edu.ua<\/span><\/a><\/p>\n

The Role of Investment Activity in Ensuring the Economic Security of the State<\/b><\/p>\n

Abstract. Introduction. <\/i><\/b>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\u20132024. 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.\u00a0<\/span><\/i><\/p>\n

Purpose.<\/i><\/b> 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.<\/span><\/i><\/p>\n

Results.<\/i><\/b> 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\u20139%), 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.\u00a0<\/span><\/i><\/p>\n

Conclusions.<\/i><\/b> 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.<\/span><\/i><\/p>\n

Keywords: <\/i><\/b>investment activity; economic security; financial security; investments; martial law.<\/span><\/i><\/p>\n

References<\/b>:<\/strong><\/p>\n

    \n
  1. Sytnyk, N. S., & Ishchenko, V.A. (2021). Investment security in the system of economic security of the state. <\/span>Business Navigator,<\/span><\/i> 3 (64). <\/span>https:\/\/doi.org\/10.32847\/business-navigator.64-15<\/span>.<\/span><\/li>\n
  2. Kharchuk, S. A. (2020). The state of investment activity of Ukrainian enterprises in conditions of economic instability. <\/span>Economy and State, <\/span><\/i>(1), 66-72.<\/span> https:\/\/doi.org\/10.32702\/2306-6806.2020.1.66<\/span>.<\/span><\/li>\n
  3. Ministry of Finance of Ukraine. (2024).\u00a0 Foreign Direct Investment (FDI) in Ukraine. https:\/\/index.minfin.com.ua\/ua\/economy\/fdi\/\u00a0<\/span><\/li>\n
  4. Ministry of Finance of Ukraine. (2024).\u00a0 Gross domestic product. https:\/\/index.minfin.com.ua\/ua\/economy\/gdp\/2025\/\u00a0<\/span><\/li>\n
  5. National Institute of Strategic Studies. (2025). Review of the implementation of the State Budget of Ukraine for 2024 and recommendations for 2025. https:\/\/niss.gov.ua\/doslidzhennya\/ekonomika\/ohlyad-vykonannya-derzhavnoho-byudzhetu-ukrayiny-na-2024-rik-ta.<\/span><\/li>\n
  6. The largest donor countries for Ukraine during the war. (2025). https:\/\/dia.dp.gov.ua\/najbilshi-kra%D1%97ni-grantodavci-dlya-ukra%D1%97ni-pid-chas-vijni\/<\/span><\/li>\n
  7. State Statistics Service of Ukraine. (2025). Capital investments (annual). https:\/\/stat.gov.ua\/uk\/explorer?md5=30d0b80aa5a895ed1e431471ad1f0281.<\/span><\/li>\n
  8. Lehkostup, I., & Sainchuk, N. (2022). The current state of investment activity in Ukraine: domestic and international aspects. <\/span>Economy and Society, <\/span><\/i>(46).<\/span> https:\/\/doi.org\/10.32782\/2524-0072\/2022-46-56.<\/span><\/li>\n
  9. Biriuk, D. (2024). Theoretical foundations of investment security of the state. <\/span>Economy and Society,<\/span><\/i> (65). https:\/\/doi.org\/10.32782\/2524-0072\/2024-65-53.<\/span><\/li>\n
  10. Korniienko, T. (2022). Analysis of the state of economic security of Ukraine and priorities for its strengthening. <\/span>Economy and Society, <\/span><\/i>(38).<\/span> https:\/\/economyandsociety.in.ua\/index.php\/journal\/article\/view\/1314\/1269.<\/span><\/li>\n
  11. Rohatina, L. P., Irtyshcheva, I. O., Kramarenko, I. S., Andriushchenko, Ye. H., & Bilan, V. V. (2020). Investment component of economic security: micro-, meso-, macro-levels. <\/span>Efficient Economy, <\/span><\/i>(5). https:\/\/doi.org\/10.32702\/2307-2105-2020.5.14.<\/span><\/li>\n
  12. Countryeconomy. (2025). Ukraine’s state budget deficit. https:\/\/countryeconomy.com\/deficit\/ukraine?utm_source=chatgpt.com<\/span><\/li>\n
  13. Ministry of Finance of Ukraine. (2025). Public debt and government-guaranteed debt. https:\/\/mof.gov.ua\/uk\/derzhavnij-borg-ta-garantovanij-derzhavju-borg.<\/span><\/li>\n
  14. Ministry of Finance of Ukraine. (2025). Inflation index in Ukraine. https:\/\/index.minfin.com.ua\/ua\/economy\/index\/inflation\/<\/span><\/li>\n<\/ol>\n

    [\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]Received: 25 February 2026<\/span><\/strong><\/p>\n

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    Savitska S. (2026). The Role of Investment Activity in Ensuring the Economic Security of the State. Modern Economics, 56(2026), 201-206. DOI: https:\/\/doi.org\/10.31521\/modecon.V56(2026)-28.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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    [vc_row][vc_column][vc_column_text] JEL Classification: E22, F21, O11 DOI: https:\/\/doi.org\/10.31521\/modecon.V56(2026)-28 [\/vc_column_text][vc_column_text]Savitska Svitlana, Candidate of Economical Sciences, Associate Professor, Associate Professor of the Department of Accounting, Taxation and E-Business Technologies, Higher Education Institution \u00abPodillia State University\u00bb, 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
    Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":13475,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[252,67],"tags":[253],"class_list":["post-22051","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-56-2026","category-articles","tag-56-2026"],"_links":{"self":[{"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/posts\/22051","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/comments?post=22051"}],"version-history":[{"count":3,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/posts\/22051\/revisions"}],"predecessor-version":[{"id":22229,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/posts\/22051\/revisions\/22229"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/media\/13475"}],"wp:attachment":[{"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/media?parent=22051"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/categories?post=22051"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/tags?post=22051"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}