The article defines the role of the state's investment policy as an instrument for the effective development of the leading sectors of the economy, the stable functioning of the basic infrastructure, achieving macroeconomic stability and stimulating economic growth. The object of the study is the investment policy of states. The subject of the study is the mechanisms of economic growth of the country. The purpose of the study is to identify and scientifically substantiate the role of investment policy in the economic growth of the country. A detailed analysis of the share of capital investments in GDP, the index of investments in fixed assets for 2017-2021 is presented, and the investment policy determining the state of developed countries and developing countries is also evaluated. The methods of correlation and regression analysis used made it possible to determine the relationship between real GDP, the share of industrial production in GDP and the index of investment in fixed assets in countries with a transforming economy. It is established that in the vast majority of countries, an increase in investments in fixed assets contributes to the acceleration of economic growth, and the level of economic growth determines the investment potential of countries. It is determined that the heterogeneity of the impact of investments on the level of economic growth in countries with transformational economies is due to their raw orientation, insufficient level of validity and predictability of the implemented investment policy of the state. It is proved that the investment policy of the state is an important tool for ensuring macroeconomic stability and stimulating economic growth in a recession. It is proposed to create conditions for the macroeconomic balance that contribute to the increase of business activity of enterprises due to the purposeful influence of state investment policy on economic processes by ensuring qualitative transformation and innovation of the national economy. The results obtained show that the level of influence of public investment in relation to the level of economic growth varies significantly depending on the level of development of financial institutions in the country and the infrastructure of the financial market