Abstract
The article presents assessment of the level of investment security of Ukraine during 2006-2018. Most influential factors of the country’s investment security have been identified. They include structure of foreign direct investment (FDI), particularly its high research intensity. It has been identified that the integral indicator of investment security is highly sensitive to the change in the investment share of high-tech industries in total FDI volumes. The regression analysis has confirmed significant influence of structural changes in foreign direct investment on the state of macroeconomic security of Ukraine during 2006-2018. The inverse relationship between unemployment rate and such indicators of FDI structure as investment share in high-tech industries and in metallurgical production has been identified. No correlation was found between unemployment rate and changes in the investment share in wholesale and retail trade, food, beverage and tobacco, information and telecommunications activities, financial activities and insurance in total FDI. It is established that there is a close direct relation between GDP per capita and the change in the structure of FDI in the investment share in food, beverage and tobacco, information and telecommunications, financial and insurance. A strong direct relation between GDP growth rate and the change in total FDI share of investment in metallurgical industry and investment in high-tech industries was confirmed. A weak direct correlation is found between the Consumer Price Index and the shares in the FDI structure of investments in wholesale and retail trade and in high-tech industries. The inverse relationship is found between the Consumer Price Index and the share of investment in information and telecommunications activities in total FDI.
Highlights
The article presents assessment of the level of investment security of Ukraine during 2006-2018
No correlation was found between unemployment rate and changes in the investment share in wholesale and retail trade, food, beverage and tobacco, information and telecommunications activities, financial activities and insurance in total foreign direct investment (FDI)
Despite the detailed scientific study of the trends and problems of foreign direct investment in the context of economic security, insufficient attention has been paid to the study of the structure of FDI and its impact on the state of investment security of Ukraine
Summary
Overcoming the consequences of financial and economic crisis in Ukraine is complicated by the shortage of investment resources, which causes aggravation of threats to the economic security of the state due to the depreciation of fixed assets, limitation of innovative development opportunities, and continuation of raw material-oriented structure of industry. The role of foreign direct investment in the formation of the investment component of the state economic security, which situation is determined by the degree of meeting the needs of the economic complex in capital investments is very essential. The optimal level of investment security is the material basis for the realization of the state national interests, in particular economic growth and improving the quality of life of the population. In this regard, the need to solve the problems in the investment sphere makes the study of quantitative and qualitative indicators of foreign direct investment and its impact on the economic security of Ukraine of great importance
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