CC BY
12
UDC 330.322:338(477)
O. Latysheva,
PhD (Economics), ORCID 0000-0001-6626-1420,
Ye. Chemerys,
Donbass State Engineering Academy (DSEA), Kramatorsk
INVESTIGATION OF THE STATE OF INVESTMENT SUPPORT OF SUSTAINABLE DEVELOPMENT OF THE LEADING BRANCHES OF THE NATIONAL ECONOMY OF UKRAINE.
Statement of the problem. Today, with the view to activation of the integration processes, the question of providing steady development of the society and competitiveness of the country in the world system of menage acquires the greater importance.
According to the strategy of steady development «Ukraine - 2020» [1], integration into the political and economic structures of the European Union a priority direction for Ukraine. The agreement about association between Ukraine and the EU foresees realization of the systematical socio-economic reforms, aimed at democratic development, economic welfare and strengthening of the safety of this country as bases of increase of the national economical stability and implementation of the requirements necessary for Ukraine to acquire the EU membership. Therefore, special significance, is paid to the questions of attraction of investments in the country for providing steady development its leading industries [2].
Analysis of the latest researches and publications. Leading scientists, economists and researchers of steady development concept, pay considerable attention to the study of conditions of providing steady development on different hierarchical levels. Basic theoretical developments on the questions providing steady development were defined in the works of the foreign and our national scientists: G. Atkinson [3; 4], K. Hamilton [5], G. Dailey [6; 7], S. Burlutskaya [8, 9], J. Hicks, M. Friedman, Solow, D. Meadows [10], M. Zgurovsky [11], M. Khvesika [12]. At the same time, the questions related to determination of the problems and obstacles on the way of providing steady development and possibilities for their overcoming yet remain unsolved.
The objective of the article - to clarify the matter of contemporary state, prospects and drawbacks for further securing of steady development of the country, on the bases of studying the place of Ukraine in the world ranks, the level and dynamics of investments and the state of the economic development of leading sectors of the national economy.
Main results of the research. The National economy of Ukraine, with its enormous economic and natural resource potential (5% of natural resources in the world), from the times of the USSR was oriented at the development of mainly raw material industries, without paying suf-
ficient attention to the ecology-directed technologies, and now (except for foreign threats and substantial internal problems) is forced to solve the question of decreasing the rate of environmental contamination, and dependence on prices for power supplies and raw materials.
Intercorrelation between the investments and economic processes at the macroeconomic level has double-sided character. The state of forming investment resources is carried out depending on the indices of economic activity in the country, and distribution of investments provides changes in the state of economy of the country as well as in development of ecological and social processes [12].
The formation and state of investment attraction in the country are primarily influenced by changes in its economy, political state and other factors, that form perception of Ukraine in comparison with other countries of the world, which finds reflection in the world countries rating on different indicators (Fig. 1), namely: Investment Attractiveness Index, Global Competitiveness Index, Index of Economic Freedom, Index Ease of doing Business. To the factors, that have influenced Ukraine's positions in the inter national rating in the utmost degree, one should ascribe corruption, political instability, inflation, state government inefficiency with regard to defending investors' interests and attraction of international investments programs. The same investments that were successfully directed in the real economy sector are playing a considerable part in the development of economic processes of the major branches of the national economy [14] (Fig. 2 - Fig. 4).
The result of analysis of investment volume in forestry, fishery and agriculture and output volume in this industry has shown that, in spite of the fact that there is a tendency of decline in investment volume in these industries throughout 2015-2016, the volumes of realized output grew considerably in 2016 as compared to those in 2014 (88,7%, 189 716 million UAH), at the same time, in the branch of wholesale and retail trade it is obvious that volume investment in 2015 went down as compared to 2014 and diminished by 1,560,3 million USD (to 22,9%), and the volume of the realized output, on the contrary, increased by 756,000,4 million UAH (to 46,4%).
Ukraine's position in international ratings
□ Global Competitiveness Index □ Index of business
□ Index of Economic Freedom B Index Ease of Doing Business
Fig. 1. Position of Ukraine in the world according to the basic indices of the international rating
Source: authoring on the basis of analyzing statistics and analytical materials [12-21].
500 000,008 450 000,008 400 000,008 350 000,008 300 000,008 250 000,008 200 000,008 150 000,008 100 000,008 50 000,008 0,008
The volume of investments in agriculture, forestry and fishery and the volume of output in the industry
$900,00
$800,00 $700,00 $600,00 $500,00 $400,00 $300,00 $200,00 $100,00 $0,00
Investment volume (millions of USD)
Volume of sold products(millions of UAH)
2010 2011 2012 2013 2014 2015 2016 2017 Fig. 2. Dynamics investments volume and realization of output in agriculture, forestry and fishery.
Source: authoring on the basis of processing statistical data [14].
Conclusions and prospects of further researches. On the basis of the conducted research into distribution of investments it is set that the most invested industries over the last years in the country have been agriculture, industry and wholesale, which allows these industries to renew productive funds, inculcate modern resource-saving technologies, keep and create additional workplaces and retain skilled potential.
It is worth to agree with the opinion of experts of the Ukrainian office networks of "BDO" who consider that decisive reforms that will provide the height of GDP at least 10% annually are needed for the improvement of invest-
ment attractiveness of the country. It is impossible without de-shadowing of the economy and forming favorable regulation investment environment [23].
Also, for improvement of the given situation, one should take into account and inculcate all possible measures for attracting investments into development of national economy of Ukraine. Based on the data [22; 23; 24], it is necessary:
1) to work out long-term strategy of attracting foreign capital in the economy of Ukraine and its separate regions, taking into account the political and economic features of development of the state at modern stage;
Sales and investment volume in the branch "Industry"
3 000 000,008 2 500 000,008 2 000 000,008 1 500 000,008 1 000 000,008 500 000,008 0,008
$20 000,00 $18 000,00 $16 000,00
$14 000 00 E223 Investment volume (millions of USD)
$12 000,00 $10 000,00 $8 000,00
c/: aaa aa Volume of sales
$6 000,00
(millions of UAH)
$4 000,00 $2 000,00 $0,00
2010 2011 2012 2013 2014 2015 2016 2017 Fig. 3. Dynamics of investment volume and realization of output in industry
Source: authoring on the basis of statistical data analysis [14].
3500000 3000000 2500000 2000000 1500000 1000000 500000 0
Sales and investment volume in the field of wholesale and retail trade
8000 7000 6000 5000 4000 3000 2000 1000 0
2010 2011 2012 2013 2014 2015 2016 2017
140(13:
Investment volume (millions of USD)
Volume of sales (millions of UAH)
Fig. 4. Dynamics of investment volume and output realization in trade
Source: authoring on the basis of statistical data analysis [14].
2) to work out national and regional plans of increasing investment attractiveness of Ukraine and its administrative-territorial units taking into account the current rating of investment attractiveness.
3) to create a flexible tax policy (tax deductions for foreign investors, diminishing custom collections on import of some types of commodities);
4) to stabilize the banking system;
5) to stabilize the political situation in the country;
6) to perfect a legal base; to perfect a legislation in relation to the fight against corruption;
7) to shorten the amount of different permissive documents and concordances in the field of business.
For this reason, the subject-matter of our further researches at branch level in the future must be directed at research of the state of investment transformations in Ukraine that is conditioned by the necessity of introduction to the country the Strategy of steady development and, in turn, is defined by the factors of internal and external character, namely:
- "...in Ukraine as a result of prevailing over many years of resource-consuming and power-hungry industries and technologies, raw material orientation of export and excessive concentration of production such as structure of management development was formed in in-
dustrial regions, which on the whole is ineffective and ecologically dangerous;
- the level of economic development and welfare of population does not answer the scientific and technical, agricultural and industrial self-potential of Ukraine and qualification-and-educational level of population, to social, historical and cultural traditions of the Ukrainian people;
- Ukraine has international obligations in relation to steady development, certain strategic documents of the UNO; on the basis of introduction of innovative transformations to Ukraine in the direction of steady development, there is the Agreement about association between Ukraine and the European Union; in the ratified strategy national, branch and regional documents the aims and tasks of steady development are represented not to a full degree; the Ukrainian scientists have prepared the scientific ground for transition of Ukraine to steady development, and corresponding public support of this process has been formed [25].
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Латишева О. В., Чемерис С. Т. Дослвдження стану швестицшного забезпечення сталого роз-витку пров1дних галузей нацюнальноТ економжи УкраТни
Стаття присвячена аналiзу стану i специфiки роз-витку проввдних галузей нацюнально! економiки Укра-!ни. Дослiджено змiни позици Укра!ни у свт за ос-новними показниками мгжнародних рейтингiв, а саме: шдексу жестицшно! привабливостi, iндексу глобально! конкурентоспроможносп, iндексу економiчно! сво-боди, шдексу рiвня легкостi ведения бiзнесу. В статтi встановлено, якi чинники найбшьшою мiрою впли-нули на попршення позицiй Укра!ни у мiжнародних рейтингах. До чинник1в, якi найб№шою мiрою впли-нули на попршення позицш Укра!ни у мiжнародних рейтингах, треба вщнести корупцiю, полiтичну неста-бiльнiсть, iнфляцiю, неефективнiсть державно! поль тики щодо захищення iнтересiв iнвесторiв та програм залучення мiжнародних швестицш. У статтi проаналь зовано у динамщ особливостi розподiлу iнвестицiй проввдних галузей нацiонально! економiки та !х вплив на обсяги реалiзацi! продукцп на галузевому рiвнi. Ви-явлено основш проблеми залучення iнвестицiй для сталого розвитку галузей нацiонально! економiки Ук-ра!ни. В процесi дослвдження було встановлено, що тi ж швестицп, як1 вдалося спрямувати у реальний сектор економiки, вiдiграють значну роль у розвитку еконо-мiчних процесiв основних галузей економiки кра!ни. Видiлено основнi чинники внутрiшнього i зовнiшнього характеру, як1 обумовлюють сталий розвиток в кра!нi. Запропоновано враховувати та впроваджувати усi можливi заходи для залучення швестицш для подаль-шого сталого розвитку нацiонально! економши Укра-!ни.
Ключовi слова: показники мiжнародних рейтин-гiв, швестицп, iнвестицiйне забезпечення, сталий розвиток, чинники сталого розвитку, проввдш галузi нацюнально! економiки.
Латышева Е. В., Чемерис Е. Т. Исследование состояния инвестиционного обеспечения устойчивого развития ведущих отраслей национальной экономики Украины
Статья посвящена анализу состояния и специфики развития ведущих отраслей национальной экономики Украины. Исследованы изменения позиции Украины в мире по основным показателям международных рейтингов, а именно: индекса инвестиционной привлекательности, индекса глобальной конкуренте -способности, индекса экономической свободы, индекса уровня легкости ведения бизнеса. В статье установлено, какие факторы в наибольшей степени повлияли на ухудшение позиций Украины в международных рейтингах. К факторам, которые в наибольшей степени повлияли на ухудшение позиций Украины в международных рейтингах, надо отнести коррупцию, политическую нестабильность, инфляцию, неэффективность государственной политики по защите интересов инвесторов и программ привлечения международных инвестиций. В статье проанализированы в дина-
мике особенности распределения инвестиций ведущих отраслей национальной экономики и их влияние на объемы реализации продукции на отраслевом уровне. Выявлены основные проблемы привлечения инвестиций для устойчивого развития отраслей национальной экономики Украины. В ходе исследования было установлено, что те же инвестиции, которые удалось направить в реальный сектор экономики, играют значительную роль в развитии экономических процессов основных отраслей экономики страны. Выделены основные факторы внутреннего и внешнего характера, которые обусловливают устойчивое развитие в стране. Предложено учитывать и внедрять все возможные меры для привлечения инвестиций для дальнейшего устойчивого развития национальной экономики Украины.
Ключевые слова: показатели международных рейтингов, инвестиции, инвестиционное обеспечение, устойчивое развитие, факторы устойчивого развития, ведущие отрасли национальной экономики.
Latysheva O., Chemeris Ye. Investigation of the state of investment support of sustainable development of the leading branches of the national economy of Ukraine
The article is devoted to the analysis of the state and specifics of the development of the leading branches of the national economy of Ukraine. The changes of the position of Ukraine in the world according to the main indicators of international ratings are investigated, namely: the index of investment attractiveness, the index of global competitiveness, the index of economic freedom, the index of the level of ease of doing business.
The article identifies the factors that most affected the deterioration of Ukraine's position in international ratings. Among the factors that have had the greatest impact on the deterioration of Ukraine's position in international ratings, corruption, political instability, inflation, ineffectiveness of the state policy towards investor protection and international investment attraction programs should be considered. The article analyzes the peculiarities of distribution of investments of leading branches of the national economy and their impact on the volume of sales at sectoral level. The main problems of attraction of investments for sustainable development of branches of national economy of Ukraine are revealed. In the course of the study, it was found that the same investments that were able to direct the real sector of the economy play a significant role in the development of economic processes of the main sectors of the economy. The main factors of internal and external character, which determine the sustainable development in the country are highlighted.
It is proposed to take into account and implement all possible measures for attraction of investments for the further sustainable development of the national economy of Ukraine.
Keywords: indicators of international ratings, investments, investment support, sustainable development, factors of sustainable development, leading branches of national economy.
Received by the editors: 16.11.2018
and final form 14.12.2018
