TRENDS IN INVESTMENT ACTIVITY AND ACCUMULATION OF INVESTMENT DISPROPORTIONS IN THE ECONOMY OF UKRAINE

Abstract

The purpose of this research is to determine the trends of investment activity and the peculiarities of the disparities’ formation in the territorial and sectoral structure of such activity in Ukraine. Methodology. The Pearson correlation coefficient to assess the relationship between GDP dynamics and the ratio of gross capital formation in the economy has been used in the article. Considering the peculiarities of the change in the methodology of calculating GDP in Ukraine, it should be noted that GDP has been calculated according to the methodology of the 1993 SNA in the period 1996-1999; according to the methodology of the SNA 2008 in the period 2000-2013, GDP data have not considered the annexed Crimea and the temporarily occupied territories of Donetsk and Luhansk regions in the period 2014-2020. It is advisable to use data from the World Bank to estimate the share of gross capital formation (in% of GDP), the set of which, in contrast to domestic statistics, fully covers the analyzed period. The choice for the beginning of the 1996 interval has been conditioned by the possibility of correct comparisons of data in a single currency. The source of GDP data is the State Statistics Service of Ukraine while the source of FDI data flows and stocks in Ukraine is the data of the National Bank of Ukraine (due to changes in the methodology of calculating FDI in 2018) Practical implications. The priorities of intensifying the investment support have been formulated (return of national capital to the jurisdiction of Ukraine, increase the uniformity of the territorial structure of capital investment, increase fixed capital formation to 20 +%, stimulate investment in military technology, NBIC convergence), including investments in science, education) based on the identified problems of investment support for the development of Ukraine's economy increasing the level of protection of property rights and guarantees of preferential treatment for investments. Value/originality. The main priorities of balanced development have been formulated (increasing the level of manufacturability of industry and services, import substitution in the production of investment and consumer goods, inclusion in global value chains, balancing the interests of large capital stakeholders, reducing dependence on external security shocks (military-political conflicts, pandemics), maintaining the level of social security, restoration of disturbed natural complexes, etc.)