Investment Attractiveness Research Articles

Enhancing investment attractiveness in wartime: a comprehensive analytical approach

The study focuses on analyzing the changes in investment attractiveness during wartime, when certain regions are occupied or destroyed, some enterprises are non-operational due to damaged production facilities, there is a significant outflow of labor force, and energy issues arise. The core issue of the study lies in the necessity of considering the complex political and economic situation’s impact on Ukraine’s investment climate. This requires developing more adaptive assessment methods that can account for both economic and socio-political risk factors. In such circumstances, reliable data is hard to obtain, which prompted the goal of substantiating the factors that characterize the country’s investment attractiveness. To provide a comprehensive assessment of investment attractiveness, an integrated indicator is proposed, which combines data reflecting investment attractiveness, including indices calculated by leading global organizations. The analysis includes such indices as the Innovation Development Index, the Corruption Perception Index, and the Judicial System Index. As a result, an average value of the changes was calculated, showing a comprehensive shift in the indicators related to investment attractiveness. The analysis using the integrated indicator demonstrated that investment attractiveness has decreased by 10 % during the war, but certain indicators, such as the Corruption Facilitation Index and the Judicial Index, have actually improved during the war. The results obtained can be used to develop risk management strategies for both international and local investors. They can also serve as a basis for creating recommendations for improving the investment climate, which in turn can attract capital and stimulate economic growth under challenging conditions

EVALUATION OF THE INVESTMENT CLIMATE BASED ON FUZZY LOGIC

The subject of the study is the investment climate of the country, region and investment attractiveness of the enterprise. The article is aimed at substantiating a fuzzy logical model for assessing the investment climate of a country, region and investment attractiveness of an enterprise under the influence of three groups of factors: economic, organizational and psychological. The hypothesis of the study is that it is possible to define the investment climate (IC) and make decisions on foreign direct investment (FDI) based on data on indicators of influence factors, even if these indicators are not clearly quantified. The division of all influence factors into three groups: economic, organizational and psychological, and the definition of linguistic assessments for those factors that do not have a natural quantitative scale, allows taking into account the expert assessment of those aspects of the investment climate that are not assessed by statistical data and cannot be expressed quantitatively, but only with the help of descriptive words based on a sense of the situation. The developed model allows determining the state of the investment climate or attractiveness under the influence of a set of factors that the user determines, depending on the country, territory, enterprise and the availability of statistical and expert information. A review of previous studies shows that the development of models based on the theory of fuzzy logic, as opposed to regression analysis, allows not only to use a larger number of indicators, but also to take into account the so-called qualitative indicators that were previously not taken into account due to the impossibility of their quantitative measurement. The objective of the study is to build a model based on fuzzy modelling, which is the method of this research. The results of the study show that the use of the obtained model can help determine the investment climate based on the analysis of factors. Practical implications – obtaining a built-in model for assessing the investment climate for making investment decisions. Value/originality of the study: the developed model, unlike similar ones, is flexible, i.e. it can include any number of factors and can be used by specialists of different levels, from civil servants to entrepreneurs. The model also allows for the inclusion of any factors that the researcher deems necessary, as they can be assessed on any scale.

SIMULATION OF THE INFLUENCE OF THE INVESTMENT ENVIRONMENT ON THE FORMATION OF AN ATTRACTIVE MACRO SPACE OF THE ECONOMY OF UKRAINE

The economic situation in most countries demonstrates an ever-increasing demand for investment resources while their supply is significantly limited. A system of factors characterized by multidirectional action forms the so-called investment environment in the country. Its structure and level of efficiency are crucial determinants for ensuring the sustainable economic development of a country. The purpose of the study is to substantiate scientific and practical recommendations for the formation of a highly efficient macro-space of the economy of Ukraine based on the implementation of rational investment policy measures. In the course of this research, an analysis of foreign investment volumes in Ukraine was conducted, and a list of factors ensuring the positive investment image of the country in the international arena was identified. The result of the study is constructed trend lines of GDP dependence on direct foreign investors in Ukraine and abroad, as well as trend lines of GDP dependence on the level of the tax burden and the integral indicator of the level of the shadow economy; the delineation of the main directions for forming an investment environment in the context of attracting foreign capital investments. The priority vectors of optimizing the investment environment in Ukraine are substantiated and the main problems of Ukraine's investment attractiveness as a motivational factor for investment activity are determined. The strategic directions for the development of investment attractiveness of the national economy under modern business conditions have been justified. The methodological basis of the research consists of a systematic, comprehensive, and evolutionary approach. The main scientific results of the study were obtained through the use of methods such as structural-logical analysis, theoretical generalization, comparative analysis, structural-functional analysis, and a comprehensive approach based on identifying cause-and-effect relationships, as well as logical, economic and mathematical modelling, analytical, and graphical methods.

THE IMPACT OF IT EXPORTS ON ECONOMIC DEVELOPMENT: A COMPARATIVE ANALYSIS OF UKRAINE AND EUROPEAN COUNTRIES

Information technologies have become an integral part of the modern economic environment and social life in Ukraine and the EU. The development of the IT industry in various countries demonstrates significant potential to stimulate economic growth. The article is aimed at assessing the impact of IT exports on the macroeconomic indicators of Ukraine, Poland, Estonia and Germany in order to formulate recommendations for the development of the IT industry in Ukraine. The study examines the impact of the export of IT services on GDP, GDP per capita, foreign direct investment and unemployment rate on the example of these countries by calculating the Fechner correlation coefficient.Based on the analysis of data from 2012-2022, it has been discovered that IT exports have a considerable positive impact on GDP and GDP per capita. In EU countries, the export of IT services also positively influences FDI attraction and the employment level. Despite the growth in the export of IT services, Ukraine shows adverse tendencies in the FDI volumes and increasing unemployment. In Ukraine, there is an inverse weak relationship between the amount of FDI and the IT service exports (Fechner correlation coefficient -0.2727) and a direct moderate relationship with the unemployment rate (Fechner correlation coefficient 0.4545). Considering the complexity of the challenges to the functioning of the economy during the war, the IT sector alone is unable to negate the impact of all threats to the economy of Ukraine.However, the share of IT exports in the total volume of service exports in Ukraine amounted to more than 45% in 2022. That is, on the one hand, the IT sector is developing despite the war (somewhat slower in 2022 compared to previous years); while on the other hand, a strong imbalance remains in Ukraine regarding the predominant increase in the export of IT sector services. According to the results of a comparative analysis with EU countries, we can say that the export of IT services can become a driver of investment attractiveness and decrease unemployment in Ukraine in the future.

Comparative Statistical Analysis of Changes in Average Asking Prices for Housing in the Administrative Districts of Moscow

The article presents the results of a comparative analysis of the residential real estate market in nine administrative districts of Moscow in 2016 and 2024. The paper focuses on the features of housing price formation and considers factors influencing pricing, including socio-economic conditions and transport infrastructure. The study outlines the role of housing construction and the investment attractiveness of various districts of the capital.The authors used official data from Russia's largest real estate technology service (CIAN) on asking prices for apartments for sale depending on their parameters. The article draws on such indicators as the local average price per square meter of the total area of dwellings and the number of offers of apartments for sale. It is shown that apartment prices in two administrative districts (AO) of Moscow have a stable growth trend in 2024, which was not observed in 2016. It is concluded that the real estate markets in the districts of Moscow in 2016 (exception for the Central AO) were strongly differentiated in price offers in 2024, and, therefore, it is incorrect to use the average price per square meter of Moscow residential real estate as a characteristic of housing quality in 2024.The article lists events that influenced changes in the Moscow residential real estate market without specifying the relative strength of their impact. According to the authors, each event had its causes, but their almost simultaneous appearance led to tension in the housing market for all participants.In conclusion, the significant impact of inflation and the restoration of residential premises (after renting) on the growth of residential property values and the potential for using housing as an investment object is emphasized

Microcrediting and Investment Analysis in the Context of Environmental, Social, and Corporate Governance

This article is devoted to the analysis and development of ranking criteria for microcredit organizations to increase their investment attractiveness. The need to solve problematic issues is associated with the need to minimize risks before the start of the lending process through the correct selection of participants in the credit transaction. This study used the methods of content analysis and interpretation, correlation analysis and regression modeling, ranking, and clustering to assess the factors affecting the effectiveness of microcredit organizations. The most attention is paid to identifying key indicators that help improve the quality of financial services provided and their availability for various categories of borrowers. The results show that factors related to lending volumes and borrower characteristics have a significant impact on the quality of microcredit organizations. Of interest is the interpretation of classical financial indicators of microcredit organizations in the context of the principles of environmental, social, and corporate governance (ESG). The proposed approaches and conclusions can be used to improve the practice of microfinance and develop management and regulation strategies in this area.

Renewable Energy Investments, Support Schemes and the Dirty Option

ABSTRACTIn a real options framework, we analyze the behavior of a large energy producer who can invest in a portfolio of Renewable Energy Source (RES) and dirty energy source. Competitive fuel prices challenge the investments in RES. Given a budget constraint, the agent allocates the optimal capacities of both energy instalments and selects the optimal investment time. We use the model to compare the effectiveness of classical support schemes such as Feed‐in Tariffs or Green Certificate with respect to forms of taxation of dirty technology such as Carbon Taxes or Carbon Permits. This paper proposes a conceptual framework and qualitative analysis to understand which support system enhances the attractiveness of renewable energy investments.

PUBLIC ADMINISTRATION IN POST-CONFLICT RECONSTRUCTION: UKRAINIAN REALITIES AND INTERNATIONAL EXPERIENCE

The problem of post-conflict reconstruction amidst an ongoing war is particularly relevant due to the necessity of balancing two key objectives: the rapid rebuilding of infrastructure essential for the functioning of society and the implementation of reforms aimed at enhancing the state’s investment attractiveness, promoting socio-economic modernization, and introducing modern educational standards. The fulfillment of these tasks is closely tied to the role of public authorities, which serve as the primary agents of the reconstruction process – from assessing the extent of destruction to integrating new practices and mechanisms in the context of socio-economic transformation. The purpose of this article is to examine global practices applicable to the post-war reconstruction of Ukraine, taking into account its specific circumstances. The research methodology combines institutional and structural-functional approaches, enabling an analysis of how institutional transformations impact the implementation of recovery projects. The methods employed include document analysis, case studies, synthesis, and generalization. The study concludes that Ukraine requires both the adoption of global best practices in post-conflict reconstruction and the development of its own mechanisms, tailored to the specific nature of the destruction and occupation. The research also reveals that Ukraine needs differentiated recovery strategies for areas under its control and those still occupied. Additionally, the role of public authorities is emphasized as critical, requiring improvements in management practices and the establishment of safeguards against corruption and abuse. It is further demonstrated that the recovery process necessitates enhancements in both the legislative framework and the organizational structure of public authorities, with a focus on incorporating prioritization and planning principles across different levels of recovery efforts. Lastly, digital technologies are highlighted as instrumental in advancing recovery objectives, as they can streamline administrative processes, improve Ukraine’s investment rating, facilitate the compensation process for war-damaged property, and assist communities in executing recovery projects.

PUBLIC ADMINISTRATION UNDER MILITARY THREATS: UKRAINIAN EXPERIENCE OF ADAPTING TO CRISIS SITUATIONS

The article examines the Ukrainian experience of public administration under conditions of military threat as of 2022-2024. The key challenges faced by Ukraine during the full-scale war are analyzed, including the destruction of critical infrastructure and the need to ensure uninterrupted provision of public services. Special attention is paid to the digitization of public administration, which played a decisive role in maintaining the stability of state institutions. The role of the «Action» platform and other innovative solutions that enabled interaction between citizens and the government in crisis conditions is described. The impact of decentralization on the ability of local authorities to respond to the challenges of war has been studied. The interaction with international partners within the framework of the SIGMA program, which is aimed at providing support in the reform of public administration with a course towards European integration, is characterized. A comparative analysis of the Ukrainian experience with other European countries that faced large-scale crises was carried out, and unique aspects of the Ukrainian model of adaptation were revealed. The article analyzes strategies for the restoration and modernization of the state administration of Ukraine in crisis conditions. Attention is focused on the interaction between the state and corporate sectors to maintain economic activity even in conditions of active hostilities. The role of business relocation to safer regions and the influence of state support on the stabilization of the labor market and the economy are outlined. Programs aimed at restoring infrastructure and vital services in cooperation with international partners are mentioned. The experience of implementing temporary solutions to ensure the basic needs of the population is described. It examines the impact of international aid and financial support through IMF and World Bank programs that helped maintain budget stability and avoid economic collapse. The perspectives of public administration during Ukraine's integration into European structures and further strengthening of public administration are highlighted. Special attention is paid to the prospects for the development of public administration in the post-war period, the solution of socio-economic problems, the restoration of infrastructure and the attraction of investments. Strategic directions for reforming public administration for the future are proposed, taking into account the experience of the war and cooperation with international institutions.

Potential and investment attractiveness of improved forestry projects under increasing climatic challenges

The aim is to justify the potential and provide an assessment of the effectiveness of investing in forest climate projects for improved forestry.A systematic approach was used for a comprehensive, structured and dynamic study of the potential of project activities (forest‐climatic projects) to improve forest productivity. The investment efficiency of forest‐climatic projects on improved forestry is determined taking into account the life cycle of project solutions. To conduct an express assessment of investment attractiveness of forest‐climatic projects, the coefficient characterizing the efficiency of investment for the produce of carbon units was used.It has been revealed that the regions of the Northwestern, Ural and Siberian Federal Districts have the greatest potential of areas of plots (over 2 million ha) for the realization of forest‐climatic projects on improved forestry. It has been shown that for the implementation of forest‐climatic projects on improved forestry in the conditions of the Central forest‐steppe per 1 ha investments of up to 100 thousand rubles are required. For climatic projects on improved forestry, the minimum investment per unit area will be from 97–111 thousand rubles per 1 ha, taking into account the life cycle of the project.The actual practice‐oriented task in the field of forestry has been solved. It consisted in substantiating the investment attractiveness of natural solutions aimed at increasing the carbon depositing functions of forest ecosystems. Calculated potential of areas for the implementation of forest‐climatic projects on improved forestry is an important tool for territorial planning and ensuring sustainable development of regional systems.

On-Grid Hybrid Wind–Solar Power Plants in Ukraine’s Residential Sector: Economic Justification of Installation Under Different Support Schemes

On-grid hybrid wind–solar systems are one of the best sustainable solutions for developing distributed generation, as they can provide a stable and reliable electricity supply, effectively using the potential of the two most common renewable energy resources. In Ukraine, promoting the development of on-grid hybrid wind–solar power plants takes on particular importance under conditions of electricity shortages caused by the large-scale destruction of the energy infrastructure due to the ongoing hostilities. This article examines the economic efficiency of installing such power plants in the residential sector of Ukraine under different state support schemes. This study was conducted for on-grid hybrid wind–solar systems of various configurations and installed capacities with different equity and debt capital proportions involved in implementing investment projects. This study’s results highlight the economic efficiency of the feed-in tariff compared to the net billing for households investing in such facilities and emphasize the need to improve policy measures to increase their investment attractiveness.

Innovativeness of the European economies in the context of the modified European Innovation Scoreboard

Research background: Innovation is an important determinant of economic development, and its importance is growing with the advancement of digitization and the development of the Fourth Industrial Revolution. In turn, the assessment of the innovativeness of a country’s economy affects its investment attractiveness and international image. Purpose of this study: Given the factors presented above, the main aim of this study is to explore and compare the innovativeness of European economies in the context of the modified European Innovation Scoreboard. Methods: To achieve this goal, the authors propose two key modifications of the existing innovation assessment methodology contained in the European Innovation Scoreboard. The first concerns the principles of the normalization of assessment indicators and aims to eliminate extreme assessment values. The second proposes to remove the indicators which are difficult to measure, subjective, and not always useful: (1) those related to sustainable development (resource productivity; emissions of fine particulates; and environment-related technologies) and (2) those that take into account only small and medium-sized enterprises (SMEs introducing product innovations; SMEs introducing business process innovations; and innovative SMEs collaborating with others). Findings & value added: An alternative approach to assessing the innovativeness of the analyzed countries — as proposed by the authors — resulted in changes in the ranking of countries in relation to the European Innovation Scoreboard, but the changes were not significant. The major changes concerned Serbia (down four places), Belgium (down two places), Hungary (up three places), and Poland (up two places). In addition, five countries moved up one place in the ranking (the UK, the Netherlands, Luxembourg, Estonia, Slovenia, Spain, and Slovakia), and five lost one place in the ranking (Norway, Italy, Portugal, Greece, and Croatia). Thirteen countries had no changes. The obtained results allowed us to conclude that the countries with the best and the worst innovativeness maintained the assessment level regardless of changes in the methodology of its implementation. The objectification of rules had the strongest impact on the countries in the middle of the ranking. This study draws attention to the problem of the subjectivity of the innovation rankings. It has also been documented that modifying the selection of evaluation criteria may change the final position in the ranking, which, in the case of emerging and developing economies, may affect investor assessment and economic growth opportunities. Such considerations are important because they are outside the often uncritical mainstream approach to the assessment of the innovativeness of economies. The conclusions imply the need for a multisource analysis of innovation and a critical look at the proposed methodologies.

INNOVATIVE STRATEGIES OF THE EUROPEAN UNION FOR THE ECONOMIC RECOVERY OF POST-CONFLICT REGIONS: PROSPECTS OF IMPLEMENTATION IN UKRAINE

The purpose of this article is to research innovative strategies of the European Union, which are aimed at the economic recovery of post-conflict regions, as well as to determine the possibilities of their adaptation for use in Ukraine. The relevance of the study is due to the fact that after the full-scale invasion of Russia on the territory of Ukraine, Donetsk, Luhansk, Kherson, Zaporizhzhya, etc. oblasts were under the terror of the occupiers, which negatively affected their residents, infrastructure and development of these territories. Their restoration requires the use of new approaches, including the introduction of innovative technologies and tools. The European Union has a lot of experience in this area, and its strategies can be useful for Ukraine in terms of accelerating the reconstruction process and creating favorable conditions for economic growth. The methods of system analysis, comparative analysis and the case study method were used to achieve the research goal. The systematic analysis made it possible to study a set of economic, social and political factors that influence the recovery of post-conflict regions, and the comparative method helped to determine the most effective European strategies that can be adapted to Ukrainian realities. The case study method made it possible to analyze in depth successful examples of the application of innovative strategies in EU countries, such as Croatia, Bosnia and Herzegovina, which is of great importance for the development of recommendations for the implementation of similar approaches in Ukraine. The results of the study show that innovative strategies play an important role in the reconstruction of post-conflict regions. The European Union has developed a number of tools for the reconstruction of destroyed territories, among which investments in digital transformation, development of small and medium-sized businesses, infrastructure restoration and introduction of "green" technologies occupy an important place. In particular, the European Structural and Investment Funds provide financial support to rebuild infrastructure and stimulate economic growth in conflict-affected regions. The «Horizon Europe» program also contributes to the financing of scientific research and the development of technological innovations, which can be extremely useful for the recovery of Ukraine. The practical value of the article lies in the development of a recommendation on the adaptation of innovative EU strategies for the reconstruction of the de-occupied territories of Ukraine. The implementation of these strategies can not only contribute to economic growth, but also help create new jobs, restore infrastructure and increase the investment attractiveness of regions. In addition, the introduction of "green" technologies and digital transformation can contribute to the sustainable development and integration of Ukrainian territories into the European economic system. An important aspect is also the development of human capital through educational programs and vocational retraining, which will ensure long-term growth and social stability in regions devastated by military actions.

Using DNPV to determine the economic viability of residential photovoltaic systems in Germany: Is the investment still worth it?

The conditions for photovoltaic investments have changed significantly in recent times. Declining subsidies and rising investment costs make these investments less attractive. In addition, electricity price uncertainty has risen sharply, making the economic benefit of using self-produced electricity from residential photovoltaic systems risky. This paper provides a novel framework to determine the financial attractiveness of such investments using the Decoupled Net Present Value (DNPV) method, which allows for a systematic and consistent consideration of the individual risks inherent in these investments. Furthermore, an extensive survey of the relevant current market parameters is performed to validate the common opinion that residential photovoltaic investments are generally advantageous. It turns out that in the current market environment in Germany, residential photovoltaic systems are not economically viable under most conditions. The system evaluated in this case study with a common size of 10 kWp leads to a negative DNPV of -1,664 €. This results in a compelling need for action for political decision-makers in order not to jeopardize the ambitious goals for the expansion of power generation from renewable energy sources.

Социально-этический маркетинг как инструмент реализации концепции устойчивого развития социально ответственной организации

The issues of using the concept of sustainable development in the management practice of modern enterprises and organizations focused on development and permanent strategic growth are updated. The indicators of sustainable development of an economic entity in the trinity of economic, social and environmental indicators are presented. It is determined that the concept of socio-ethical marketing implemented by the organization as a tool of a socially responsible organization maximally contributes to achieving the goals of a progressive modern concept. The analysis of the tools of social and ethical marketing of the EFKO Group of Companies (EFKO Group) of the Belgorod region, one of the largest food companies in the Russian Federation, a leader in the fat and oil industry market, guided in its activities by the principles inherent in the concept of sustainable development. The dynamics of the main indicators of the Group's economic activity against the background of permanent investments in the implementation of social and ethical activities is presented. The correlation of the value of social investments (expenses for social and ethical marketing) and the value of sales (revenue) of EFKO Group indicates a close relationship between the analyzed indicators. The profit forecast using the exponential smoothing method against the background of growing social investments and social and ethical activity of EFKO Group proves the expediency (including economic) of implementing social and ethical marketing and defines this toolkit as contributing to the growth of the organization's competitiveness not only through active marketing activities, but also through the formation and maintaining a positive image and business reputation of the company; strengthening the image of a socially oriented employer, which is confirmed by the results of independent comparative studies and assessment of the investment and credit attractiveness of companies in the market.

A Company Analysis and Financial Valuation of Sinopec

In this article, a comprehensive analysis of Sinopec is presented, delving beyond surface evaluations to deeply assess its strengths, weaknesses, and potential opportunities. Recognizing the limitations of superficial evaluations, the analysis incorporates financial insights to quantify the risks faced by Sinopec. Additionally, two comparable companies are scrutinized to provide a broader context for evaluation. Through meticulous data comparison, coupled with an examination of policies and pricing mechanisms, a nuanced understanding of Sinopec's position in the market emerges. While acknowledging areas where Sinopec may lag behind its competitors, the analysis underscores its promising developmental trajectory and investment potential. Despite identified weaknesses, Sinopec exhibits resilience and strategic positioning that warrant investor attention. Consequently, the article advocates for Sinopec as an attractive investment option, emphasizing its favorable prospects and priority for investment. By offering a multifaceted examination that integrates financial analysis, industry context, and strategic outlook, this article equips investors with a comprehensive understanding of Sinopec's standing in the market, ultimately advocating for its consideration as a compelling investment opportunity.

Cryptocurrency Portfolio Allocation under Credibilistic CVaR Criterion and Practical Constraints

The cryptocurrency market offers attractive but risky investment opportunities, characterized by rapid growth, extreme volatility, and uncertainty. Traditional risk management models, which rely on probabilistic assumptions and historical data, often fail to capture the market’s unique dynamics and unpredictability. In response to these challenges, this paper introduces a novel portfolio optimization model tailored for the cryptocurrency market, leveraging a credibilistic CVaR framework. CVaR was chosen as the primary risk measure because it is a downside risk measure that focuses on extreme losses, making it particularly effective in managing the heightened risk of significant downturns in volatile markets like cryptocurrencies. The model employs credibility theory and trapezoidal fuzzy variables to more accurately capture the high levels of uncertainty and volatility that characterize digital assets. Unlike traditional probabilistic approaches, this model provides a more adaptive and precise risk management strategy. The proposed approach also incorporates practical constraints, including cardinality and floor and ceiling constraints, ensuring that the portfolio remains diversified, balanced, and aligned with real-world considerations such as transaction costs and regulatory requirements. Empirical analysis demonstrates the model’s effectiveness in constructing well-diversified portfolios that balance risk and return, offering significant advantages for investors in the rapidly evolving cryptocurrency market. This research contributes to the field of investment management by advancing the application of sophisticated portfolio optimization techniques to digital assets, providing a robust framework for managing risk in an increasingly complex financial landscape.

Modernization of the Financial Market in Uzbekistan and Its Development Prospects

This study examines the modernization of Uzbekistan's financial market, focusing on key gaps in securities trading and the role of investment intermediaries. Despite recent reforms, issues remain in market stability and foreign investment attraction. Addressing this, the research analyzes transaction volumes and sectoral performance on the "Tashkent" Republican Stock Exchange during the first half of 2024, combining quantitative data analysis and a literature review. Results show increased banking sector transactions but a decline in overall trading volume. The study emphasizes the need for further reforms, incorporating international best practices to enhance market development and support Uzbekistan's economic growth.

ЭКОНОМИЧЕСКИЙ ПОРТРЕТ КАЗАХСТАНА: НОВЫЕ ВЕХИ

Recent years have been marked by steady growth of the Kazakh economy, which is supported by the dynamic development of key sectors and the active introduction of new technologies. In 2024, the country continues to successfully adapt to the changing global economic environment, including commodity price volatility and global economic turmoil. The Kazakh economy has demonstrated steady positive dynamics, which is due to the stable growth of key industries and innovative development. Despite global economic challenges and fluctuations in commodity prices, the country continues to demonstrate adaptability and sustainability of economic growth in 2024. International financial institutions and analytical centers agree that the Kazakh economy will maintain moderate growth rates in 2024. This indicates a gradual recovery from global economic turmoil. An important factor contributing to such development is the diversification of the economy, aimed at reducing dependence on commodity exports and stimulating domestic consumption, infrastructure projects and innovation. The Kazakh government is actively working to improve the country's investment attractiveness, support small and medium-sized businesses and develop human capital. These measures are aimed at ensuring sustainable economic growth and improving the well-being of the population. This article provides an in-depth analysis of the current economic state of Kazakhstan, including the dynamics of GDP and GRP, as well as development prospects.

DOES COVID-19 AFFECT SHARIAH COMPLIANT STOCK? EVIDENCE FROM SELECTED OIC COUNTRIES

This study aims to examine the movements of Islamic stock markets in ten selected OIC (Organization of Islamic Cooperation) countries in relation to Covid-19 cases, providing a comprehensive analysis of market behavior during the pandemic. The countries—Saudi Arabia, Pakistan, Bangladesh, Turkey, Indonesia, Oman, Qatar, UAE, Kuwait, and Bahrain—were chosen based on their large Muslim populations. Data was collected over a one-year period from January 1, 2020, to January 31, 2021, analyzing the relationship between Covid-19 cases and Islamic stock market indices. The study employed co-integration tests to identify long-term relationships and the Vector Error Correction Model (VECM) to explore short-run dynamics. The co-integration test results show a significant long-run relationship between Covid-19 cases and Islamic stock markets in most of the selected OIC countries. Specifically, the Shariah indices in Pakistan, Bangladesh, Turkey, Qatar, UAE, Kuwait, and Bahrain have a positive and significant relationship with Covid-19 cases. Conversely, Saudi Arabia, Indonesia, and Oman exhibit a negative long-term relationship with Covid-19 cases, suggesting a different market response. These results suggest that countries with diversified economies, particularly those relying on natural resources such as oil and agriculture, were more resilient during the pandemic. This study provides novel insights into the unique responses of Islamic stock markets in OIC countries during the pandemic, highlighting regional differences in market behavior and recovery. It suggests that despite the global economic downturn, OIC countries present attractive investment opportunities, particularly due to their swift recovery and resource-based economies, offering a robust portfolio for investors during crises.