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0Регион и мир, 2024, № 2 (51)
ЭКОНОМИКА_
Indices characterizing the investment environment
Tavadyan Ashot A.
Doctor of Economic Sciences, Head of the Department of Mathematical Methods and Information Technologies in Economics and Business, Russian-Armenian (Slavic) University (Yerevan, RA)
https://orcid.org/0000-0002-2335-4501 tavadyan@yahoo.com Petrosyan Gevorg S.
Postgraduate student of the Department of Economics and Management of the national economy
(Macroeconomics) Russian-Armenian (Slavonic) University (Yerevan, RA)
https://orcid.org/0009-0001-5561-761X gevorg.petrosyan307@gmail.com
UDC: 338.2; EDN: JELKAK; JEL: D25, E22, F21, P33, P45; DOI: 10.58587/18292437-2024.2-107
Keywords: investment environment, investments, FDI, index, estimation
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Индексы, характеризующие инвестиционную среду
Тавадян Ашот А.
Доктор экономических наук, заведующий кафедрой Математических методов и информационных технологий в экономике и бизнесе, Российско-Армянского (Славянского) университет (Ереван, РА)
Петросян Геворг С.
Аспирант кафедры Экономика и управление народный хозяйством (Макроэкономика),
Российско-Армянский (Словянский) университет (Ереван, РА)
Аннотация. В современном мире, когда все отрасли экономики претерпевают изменения, проблемы, связанные с конкурентоспособностью экономики, становятся все более актуальными. Под конкурентоспособной экономикой прежде всего следует понимать экономику с привлекательной инвестиционной средой. Именно привлекательная инвестиционная среда создает основу для постоянного притока капитала, который, в свою очередь, может быть использован для модернизации средств производства и повышения производительности, а также для инвестирования и улучшения деловой среды и ее культуры. Для этого некоторые мировые организации создали индексы, которые помогают потенциальным инвесторам оценивать привлекательность инвестиционной среды и сконструировать свои инвестицонные стратегии. Ключевые слова: инвестиционная среда, инвестиции, ПИИ, индекс, оценка
Introduction
In the modern world, when all sectors of the economy are undergoing changes, problems related to the competitiveness of the economy are becoming increasingly relevant. A competitive economy should first be understood as an economy with an attractive investment environment. It is an attractive investment environment that creates the basis for a constant flow of capital, which in turn can be used to modernize means of production and increase productivity, as well as to invest in and improve the business environment and its culture. To this end, some global organizations have created indices that help potential investors assess the attractiveness of the investment environment and design their investment strategies.
Methodology
Different economists give different approaches regarding the methodology of evaluating the investment environment. National statistical committees of different countries, global organizations, many individual analysts every year try to analyze the investment environment of individual countries, regions or the world, which will enable not only individual investors, but also public administration bodies, research structures dealing with the improvement of the investment environment, various to public organizations to develop and implement various investment operations.
Table 1. The volume of net flows offoreign investments made in the real sector in RA 1998-2022. (thousand USD) [2] 1400000.0
1200000.0
1000000.0
800000.0
600000.0
400000.0
200000.0
0.0
-200000.0
m id 00 00 22
N 00 Ol 000 000 222
22 00 22
I Total FDI ■ Direct FDI
The attractiveness of the country's investment environment is a guarantee that investors can be more confident about the protection of their capital, as well as the high rate of profit. A correct assessment of the state of the investment environment requires taking into account many factors, which are given by many global organizations. These organizations take into account internal and external political, economic and other factors of different countries, which can somehow influence investment decisions and create the country's investment image.
The first major step in investment climate research came in 2004, when the World Bank created the Investment Climate Study Team, which produces multiple reports every year that show
indicators and coefficients of many factors that assess a country's investment climate.
Each year, several global organizations present indicators assessing the investment climate, the calculation of which is carried out purely as a result of the study and aggregation of investment characteristics. Among them are the World Bank's Index of Ease of Doing Business, the World Competitiveness Index of the Global Economic Forum, the Freedom House Index of Economic Freedom, the Heritage Foundation's Economic Freedom Index and many others. indicators.
Now, the indicators of several statistics for Armenia and the compared countries will be presented in order.
70 60 50 40 30 20 10 0
Регион и мир, 2024, № 2 (51)
Table 2. Ranking of countries according to ease of doing business index [3]
62
50 52
48 49 50
35
29 26
19 ■
12 8 8
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У У У / / y У f У s У
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Table 3. Index of economic freedom of RA and comparable countries in 2023 [4]
160 140 120 100 80 60 40 20
145
122
71
75
46 50
ï Î Î I I II
^ № jp & & ¿p ^ f У У У s У / y y y S
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Table 4. Global competitiveness rating of RA and comparable countries as of 2019 [5]
100 90 80 70 60 50 40 30 20 10 0
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/ у У / y s y y f
6
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The last index that will be presented in this alternative index to the ease of doing business index work is the economic freedom index given by the created by the World Bank. Fraser Institute, which since 2021 is considered an
Table 5. Ranking of Armenia and comparable countries according to the index of economic freedom given by the
Fraser Institute [6]
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Conclusion
By studying various coefficients, which are formed on the basis of various factors, it became possible to highlight a number of strengths and weaknesses that exist in the economic, political, and social spheres of Armenia. Among the strengths, the growth rate of innovative activities in Armenia, the degree of ease of business and property registration, developments in the labor market, security issues and growing income stand out. Among the weak points are the problems existing in the legal field, among which are the protection of the interests of private investors, the settlement of financial disagreements, the judicial system not being so independent, as well as the still existing corruption. There are problems with social capital, which can lead to even bigger problems in the future.
Referrences
1. Аветисян А. Г., "Инвестиционная привлекательность страны: анализ основных факторов" // Финансы: Теория и Практика, Т.24, N° 4, 2020.
2. -ицшищшЬ^ -шЬршщЬшт^шЬ фйш^шдршЬшЬ hntfhrnh, Ч^бш^шорш^шЬ тфш^ЬЬрЬ ршдшЬЬр, ЧбшрифЬ hш24hh2^n ^ шршшр^Ь шпкттр, ОшшрЬр^р]ш ЬЬрцрпЫЬЬр
3. Doing Business 2019, The World Bank, 2019
4. The Heritage Foundation, Index of Economic Freedom, 2023
5. The Global Competitiveness Report 2019, World Economic Forum, 2019
6. Economic Freedom of the World: 2023 Annual Report, Fraser Institute, 2023
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