Analysis of the Current State of Investment Activity in Ukraine:

Macro- and Micro-level

OLGA SHUMILO

Department of Marketing, Management and Entrepreneurship

V.N. Karazin Kharkiv National University

4 Svobody Sq., Kharkiv, 61022

UKRAINE

VITALINA BABENKO

International e-Commerce and Hotel & Restaurant Business Department

V.N. Karazin Kharkiv National University

4 Svobody Sq., Kharkiv, 61022

UKRAINE

OLENA OCHEREDKO

Department of Management and Entrepreneurship on Sea Transport

Azov Maritime Institute of National University “Odesa Maritime Academy”

8 Didrikhsona Str., Odesa, 65000

UKRAINE

NATALIIA NALYVAIKO

Department of Enterprise Economics

Ukrainian National Forestry University

103 Heneral Chuprynka Str., Lviv, 79057

UKRAINE

SOFIIA SUKHONIAK

Department of Enterprise Economics

Ukrainian National Forestry University

103 Heneral Chuprynka Str., Lviv, 79057

UKRAINE

HANNA FEDOROVA

V.N. Karazin Kharkiv National University

4 Svobody Sq., Kharkiv, 61022

UKRAINE

Abstract: The article deals with the essence and significance of investment activity at the macro- and micro-levels

as the main factor of changes in the economy and interdependence of countries and enterprises. The article’s

authors prove that the development of investment processes in all areas of activity is a necessary condition for

effective business organization. It is noted that the significance and essence of investments is reflected in their

functions. The authors define functions of investments at the macro- and micro-levels. The authors consider

variable factors of the macro- and microeconomic environment that affect investment processes in a particular

industry. To determine the state of investment activity at the macro-level, the authors have conducted a research

of foreign investment. The article discloses the dynamics of foreign direct investments in the economy of Ukraine

and from the economy of Ukraine in other countries, their share in a total volume of foreign direct investment,

the dynamics of capital investment and their share in the structure of GDP. The author studied and identified

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DOI: 10.37394/23207.2022.19.113

Olga Shumilo, Vitalina Babenko,

Olena Ocheredko, Nataliia Nalyvaiko,

Sofiia Sukhoniak, Hanna Fedorova

E-ISSN: 2224-2899

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major objects for investing in Ukraine. The article describes the role of domestic investments as the most active

element of economic growth in the country. The article highlights modern obstacles to its development. Since

Ukraine remains geographically, economically, and socially attractive country for investing at both macro- and

micro-levels, the authors suggest to identify prior areas for improving its investment climate.

Key-words: Investments, Investment Activity, Analysis, Macro-level, Micro-level, Foreign direct investments.

Received: September 21, 2021. Revised: May 28, 2022. Accepted: June 18, 2022. Published: July 25, 2022.

1 Introduction

Investment activity is the main factor of changes

in the economy while business and social

development of the country depends on the dynamics

of investment activity and implementation of

investment projects. The dynamics of investment

activity affects the increase of production capacity

and the solution of social issues. It provides positive

changes in all sectors by accumulating free financial

resources and directing them towards the

implementation of economic projects in order to get

profit.

Investment activity is an important element of

global economic relations, which contributes to the

interdependence of countries and enterprises

alongside understanding its importance for handling

international relations and determining goals for

attracting investment. Proper investing contributes to

the sustainable and efficient functioning of

enterprises, which ensures development of

entrepreneurship in the country together with

exploring new industries and technologies. Obtaining

a set of knowledge about investments and analysing

the structure of modern investment market are

important to regulate the country's investment

activities at the macro- and micro-levels.

Under contemporary transformational

economic conditions concerned with the escalation of

competition between business organizations, it is

important to do research of investment activity and

investment attractiveness of enterprises becoming

pivotal for investors in making investment decisions.

Coordinating investments transferred from the

macro-level to a regional one and from an industry

level to a level of enterprise extends enterprises’

investment opportunities, stimulates the increase of

investments in the economy, and strengthens a state

financial system [1].

A necessary condition for the effective

organization of business is development of

investment processes in all areas of activity.

Investments are defined as input of capital in all

its forms aimed at achieving economic or extra-

economic effects based on market principles and

connected with factors of time, risk, and liquidity [2].

According to T. Govorushko, investments are a set of

monetary, property, intellectual, and other values that

foreign investors spend for business and other

activities (according to current legislation) in Ukraine

in order to obtain benefits – profit (or income) and /

or the achievement of economic, social, innovative,

and environmental effects [3]. As the Law of Ukraine

On Investment Activity states, investments are all

types of property and intellectual values spent for

objects of entrepreneurial and other types of activity

creating a profit (income) [4].

The significance and nature of investments are

reflected in functions they perform. For example,

functions of investing at the macro-level include:

ensuring a process of simple and extended

reproduction of fixed assets; ensuring a process of

formation and replenishment of non-fixed assets; the

transfer of capital from one area to another through

buying and selling of financial instruments;

redistribution of capital between owners through the

acquisition of shares and investments in assets of

other enterprises. Functions of investment at the

micro-level encompass: prevention of excessive

moral and physical depreciation of fixed assets in all

sectors of the national economy; expansion and

development of highly efficient areas of activity;

increasing the technical level of production, which

means reducing the capacity of products and services

provided; improving the quality and competitiveness

of products; replenishment of non-fixed assets [5].

Performing its functions at the macro-level,

investments are the basis for: implementing a policy

of expanded reproduction; accelerating scientific and

technological progress, improving quality, and

ensuring the competitiveness of domestic products;

structural rearrangement of social production and

balanced development of all sectors of the national

economy; creating a necessary raw material base for

an industry; civil engineering, development of health

care, culture, higher and secondary school, as well as

solving other social problems; mitigating or solving

a problem of unemployment; environmental

protection; ensuring the defence capabilities of the

state; solving many other problems [6].

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At the micro-level, investments ensure

development of production and its technical level,

provide the competitiveness of enterprises products,

function as the basis for the acquisition of shares and

investments in assets of other enterprises, ensure the

stability of the financial condition of an enterprise,

and increase its value.

At the same time, the macroeconomic

environment is affected by variable factors, which

encourage or restrain investing in the national

economy. Primarily, such factors include economic,

institutional and political, international economic and

political, socio-cultural and demographic ones. Thus,

the factors of the macro-environment are variable

factors, which generally stipulate investing in the

national economy.

On the contrary, the microeconomic investment

environment reflects the state of economic and other

variable factors that promote or hinder investing in a

specific sector of the economy in a particular region

or market. As you can see, the microeconomic

environment is represented by variable factors

affecting investment processes in a particular area of

a region [6].

Consequently, investments at the macro- and

micro-levels have a great influence on development

of enterprises and countries in general, where foreign

investments play a significant role, which consists in

ensuring an international collaboration and a

sufficient social effect.

Issues of the investment activity are highlighted in

the scientific papers of both national and foreign

researchers, namely V. Berens, A. Galchynskyi, L.

Gitman, J. Honko, I. Blank, I. Burlaka, A.

Ivashchenko, I. Dorosh, O. Mertens, A. Pidlisetskyi,

Y. Tkachenko, T. Khachaturov, I. Chunytska, V.

Shevchuk, A. Peresada, A. Filipenko, J. Gitman,

Michael D. Joehnk and others. Despite the

considerable contribution of the above-mentioned

scientists, a problem regarding external and internal

investment activities requires further examination in

terms of current tendencies of economic

development.

2 Problem Formulation

Analysing the state of investment activity at the

macro-level, the authors have realized to study

foreign investments because they provide an

opportunity to accumulate international capital flows

and to ensure the economic growth by directing free

resources towards development of various sectors of

countries’ economies. Attracting foreign investments

in the country's economy and improving its

investment climate are one of the government's

priorities. Hence, their implementation contributes to

the country's development under the recent

transformational realities.

The purpose of the article is to research

investment activities of Ukraine at the macro- and

micro-levels under contemporary business

conditions.

To accomplish the determined goal, the article’s

authors have applied a complex of synthesis,

analysis, and logics methods in the process of

theoretical and empirical research. As a result, the

authors have substantiated the essence of investments

and their importance embodied in functions

investments perform at the macro- and micro-levels.

The authors have indicated factors influencing

macro- and micro-economic investment

environments, major objects for investing in Ukraine,

and prior directions for enhancing investment climate

in the country. To disclose information for making

decisions regarding enhancing investment activities

through combining synthesis and analysis methods,

the authors have examined statistical indicators of

volumes and dynamics of foreign direct investments

in the economy of Ukraine and from the economy of

Ukraine in other countries. Applying the graphical

method, the authors present shares of such countries

in a total volume of foreign direct investments.

Drawing on the graphical method, the authors show

the structure of foreign direct investments in the

economy of Ukraine by countries, as well as the

dynamics of capital investment volumes and their

shares in the structure of GDP during 2011-2020.

3 Problem Solution

A volume of foreign direct investments in the

economy of Ukraine for the period 2011–2020 is

presented in Figure 1. As can be seen from Fig. 1, the

uneven inflow of investments is caused by political

and economic reasons during the decade and by the

impact of the Сovid-19 pandemic in 2020.

Table 1. Volumes of foreign direct investments in Ukraine

Year

Foreign direct

investments, in

USD millions

Absolute increase, in

USD millions

Growth rate, %

(compared to the

previous year)

2011

7207

–

2012

8401

1194

16.6

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2013

4499

-3902

-46.4

2014

410

-4089

-90.9

2015

-458

-868

-211.7

2016

3810

4268

931.9

2017

3692

-118

-4.1

2018

4455

763

20.6

2019

5860

1405

27.5

2020

-868

-5728

-97.74

Source: [8].

Thus, in 2012-2013, the volume of foreign direct

investments in the country’s economy decreased. In

2014–2015, there was a critical decline caused by the

war in eastern Ukraine. Growth rates in 2015 and

2016 years amounted to -90.9% and -211.7%,

respectively. The situation began to improve in 2016,

when the growth rate of foreign direct investments

amounted to 939.9%. After a significant recovery in

the investment market, there was a drop in volume in

2017. After the positive dynamics for the next two

years in 2020 under an influence of the Covid-19

pandemic, there was a significant decrease in level of

investing in the economy. The absolute growth of

investments was -5728 USD millions and the growth

rate was -97.74%.

Analysing the dynamics of foreign direct

investments in the economy of Ukraine and from the

economy of Ukraine in other foreign countries shows

that there is the considerable amount of investments

from other countries in comparison with direct

investments from Ukraine. Thus, over the researched

period from 2011 to 2020 (Fig. 1), the largest amount

of foreign direct investments came to Ukraine in

2011 and 2012. After a period of recession in 2014-

2015, the country’s investment market began to rise

and, in 2019, they increased significantly.

Nevertheless, in 2020, they reached the negative

value as the economic and political situation changed

under an influence of the pandemic. It represents the

distrust of both foreign and national investors to

opportunities for stable business activity and

improving the investment climate in Ukraine.

Fig. 1: Foreign direct investments in the economy of Ukraine

(from Ukraine) during 2011–2020.

Source: [8].

A list of countries that invest the largest amounts

of investments in the economy of Ukraine and their

share in a total amount of foreign direct investments

are shown in Table 2.

Drawing on results of the suggested research, the

article’s authors may observe that the structure of

foreign direct investments has changed over the

proposed period. For example, the largest amount of

investments was introduced to Ukraine by Cyprus.

However, in 2020, investment inflows decreased by

2.2% in comparison with 2018. The next country in

this ranking, according to the introduction of direct

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investments in the country, is the Netherlands. The

share of investments of the Netherlands is growing

steadily during the whole research period and it

finally reached 23.2% in 2020 compared to previous

periods, when the share was 20.2% and 18.0% in

2018 and in 2015, respectively.

Table 2. The structure of foreign direct investments in the economy of Ukraine by countries, %

Country

2015

2018

2020

Netherlands

20.2

23.2

Cyprus

31.2

Germany

5.5

5.3

5.1

United Kingdom

5.6

6.1

5.8

France

3.5

2.3

2.4

Austria

3.5

3.2

3.4

Switzerland

3.6

4.8

Italy

0.5

0.6

0.8

Poland

1.8

2.0

2.2

USA

2.0

1.6

2.8

Russian Federation

4.2

2.5

2.0

Other countries of

the world

20.6

23.4

19.5

Total

100.0

Source: [11].

Germany, Switzerland, and the United Kingdom

are the most prominent among the investor countries

owing to a significant amount of direct investments.

For example, the share of direct investment from

Germany decreased slightly. In 2020, it reached

5.1%, which is half of its total in 2015. The share of

Swiss investments increased to 4.8%. The United

Kingdom invested in Ukraine's economy in 2020: its

share in total investments was 5.8%. France, Austria,

and Poland are similar in the number of direct

investments in the Ukrainian economy (Fig. 2). In

2020, the lowest amount of investments came from

the Russian Federation and Italy: their shares

amounted to 2.0% and 0.8%, respectively.

Fig. 2: The structure of foreign direct investments in Ukraine’s economy

grouped by countries of origin in 2020.

Source: [11].

Nowadays, foreign direct investments are the

stable source of capital. From the point of view of

predictability and financial stability of the state, it is

better to stimulate the attraction of foreign direct

investments. Such measure is one of directions for

the integration of the Ukrainian economy into the

global economic environment.

According to a majority of definitions,

making foreign direct investments primarily means

earning long-term profits and exercising control over

an object of investments on the part of a foreign

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investor. Direct investments are the main measure for

creating transnational corporations in Ukraine and in

the world. Hence, it is possible and expedient to

consider these processes as interrelated and

reciprocally stipulated phenomena [9].

Activation of investment activity and growth of

investment resources are impossible without the

growth of gross domestic product.

It is worth mentioning that real GDP of

Ukraine has been increasing over the period of

research and in the current year. For instance, in

2021, the real GDP of Ukraine incremented by 3.4%,

compared to declining by 3.8% in 2020.

Stable consumer demand, the growth of post-

crisis investment volumes, and a record harvest of

crops have fostered an economic recovery.

Simultaneously, economic revival has been slower

than expected. Reasons are as follows: the dramatic

price increase for fuel and its deficit; an influence of

small harvests of 2020; a slower recovery of a service

sector; restricted capacities of certain manufacturing

sectors; more significant losses from the pandemic;

drastic fiscal consolidation [10].

Over the past years, the share of foreign

investments in the structure of Ukraine's GDP has

been relatively insignificant and fluctuated within 3–

5%. This confirms the difficulty of attracting

financial resources from abroad to the national

economy.

Fig. 3: Dynamics of capital investment volumes and their share

in the structure of GDP during 2011-2020.

Source: [11].

As can be seen from Fig. 3, GDP of the country

has been increasing during the whole period of

research. Such tendency has not been inherent to

volumes of capital investments in the country’s

economy because they have not been tending to

increase. The share of capital investments in GDP

changes in conformity with changes in capital

investment volumes. Figure 3 shows that this

indicator achieved the largest amount in 2012 and in

2018: its value accounted for 19.43% and 16.25%,

respectively. This fact confirms that the country was

in the phase of economic growth. The indicator of the

share of capital investments in GDP achieved the

lowest value in 2015 because the country’s economy

was considerably affected by a political situation in

Ukraine.

In 2020, the index showed a slight decreasing

trend affected by the epidemic situation caused by

COVID-19.

Unfortunately, capital investments in the

economy are reducing in Ukraine. In 2020, the level

of gross fixed capital formation to GDP was only

12.8%, which became a historic minimum since the

early 2000s (Fig. 4).

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Fig. 4: Gross fixed capital formation in Ukraine in 2001-2020, % of GDP.

Source: [11].

In Ukraine, the volume of investments utilization

in fixed assets in relation to the general budget

indicates that more than half of the total volume in

2020 was made at the expense of internal resources

(Table 3).

Table 3. Volumes of investments utilization in fixed assets compared to the general budget of Ukraine in

2020

Investments

Capital investments, in

UAH billions

In % of the general

budget

Including at the expense of:

funds from state budgets

36512490

8.7

funds from local budgets

43558332

10.4

own funds of enterprises and organizations

279330400

66.5

bank loans and other loans

27894481

6.7

funds of investment companies, funds, etc.

4256154

1.01

funds of foreign investors

1729174

0.4

funds of the population for housing construction

20590878

4.9

other sources of funding

5964753

0.1

Total

419836662

100

Source: [11].

Funds of economic entities remain the main

source for financing of capital investments in

2020. They were directed to the renewal of

production capital assets, their modernization,

technical re-equipment, and reconstruction. The

main sources of financing of the investment

activity comprise personal funds of enterprises

and organizations (66.5%), funds of local

budgets (10.4%), as well as loans from banks

and other loans (6.7%).

Investments play the extremely important

role at the micro-level. Government investments

are the most active element of economic growth

in the country. However, in Ukraine, the

domestic investment market has a number of

obstacles to its development.

Capital investments from internal reserves of

the state, corporations, and a set of households in

the country should become the main source for

the growth of the domestic economy. In case of

remaining inside the country, they must work for

the national economy.

We can identify the main objects for

investment in Ukraine. They are as follows:

 agriculture and related industrial

processing and infrastructure (ports, elevators,

and equipment) that will continue to enhance;

 the IT sector, which has favourable

conditions from the standpoint of government

regulation, young workforce, and favourable

geographical location. Opportunities for foreign

investors are created in this area to acquire small

and medium-sized Ukrainian companies;

19,8 19,2 20,6 22,4 21,9

24,4

27,1 25,9

18,3 17 17,6 19 16,9

14,1 13,5 15,5 15,8 17,6 18

12,8

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 logistics and construction of logistics

infrastructure are also attractive objects for

purchase, especially for supply of retail goods;

 the pharmaceutical industry, for which

investment attractiveness is growing amid

attempts to reform the health care system;

Ukrainian enterprises are becoming objects for

acquisition for global companies;

 investments in infrastructure, where

objects for acquisition will be presented by

companies engaged in construction and delivery

of related services;

 production of parts for small and medium

equipment [12].

Industries being potential but not sufficiently

determined for investing in Ukraine are: the

energy sector with uncertain regulatory

environment; defence and aerospace industries

that need government reforms; the banking

sector; large-scale privatization, which

contemplates that success of M&A investments

will be uncertain, taking into account complex

legal and economic environments of state-owned

companies [7].

Ukraine remains a geographically,

economically, and socially attractive country for

investments at both the macro- and micro-levels.

The following objectives can be identified as

priority areas for improving the investment

climate in the country [14]:

 improvement of legislation in the field of

investment activities;

 simplification of the taxation system and

ensuring transparency;

 development of a mechanism for

government stimulation of investment projects;

 concentration of available resources in

prior fields of the economy and their further

transformation into investments;

 the change in the legal and regulatory

framework of Ukraine in accordance with EU

requirements aimed at efficient and stable

functioning of the economy;

 implementation of a state program which

will promote the national stock market;

 systematizing knowledge about the

investment basics and clients' understanding of

risks and benefits of using financial instruments;

 creation of investment infrastructure, as

well as providing guarantees for investors;

 maintaining control over a level of risks;

 guaranteeing the level playing field (equal

conditions of doing business) to an investor and

predictability of cooperation with the

government;

 in order to stimulate national investment

activities, it will be helpful to ensure benefits

related to the usage of the developed investment

projects for small and medium-sized businesses;

 improvement of infrastructure and

introduction of new technologies, particularly

energy saving ones.

4 Conclusion

Having done the research, the authors have

ascertained that, over the past period, a volume

of foreign direct investments in the Ukrainian

economy and a capital investment share in the

structure of its GDP have been tending to reduce.

The internal investment market also requires

internal investors to be encouraged to explore

new opportunities for the economic growth.

Agricultural production, the IT sector, logistics,

construction, and the pharmaceutical industry

are the main objects for investing in the

economy.

Under contemporary conditions of

economic development, examining investment

activities at the macro- and micro-levels in

Ukraine and evaluating their results conduce to

making well-considered investment decisions,

as well as open up new opportunities for

domestic and foreign investors regarding

investing and managing investment activity in

compliance with transformations of an economic

environment.

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zovnishnioho seredovyshcha na

ekonomichnu bezpeku pidpryiemstv

rozdribnoyi torhivli], Financial and Credit

Activity: Problems of Theory and Practice,

Vol. 2, No. 29, 2019, pp. 248–257.

Contribution of individual authors

to the creation of a scientific article

(ghostwriting policy)

Olga Shumilo has prepared the literature

review in Section 1, selected research

methodology in Section 2, and performed

computations for volumes of foreign direct

investments in Ukraine for Section 3.

Vitalina Babenko has formulated the research

idea and goals in Section 2 and summarized data

on structure of foreign direct investments in the

economy of Ukraine by countries for Section 3.

Olena Ocheredko has created figures for

visualization of research in Section 3 and

outlined the conclusion.

Nataliia Nalyvaiko has analysed the

dynamics of capital investment volumes and

their share in the structure of GDP during 2011–

2020 for Section 3.

Sofiia Sukhoniak has examined amounts of

gross fixed capital formation in Ukraine in 2001-

2020 for Section 3.

Hanna Fedorova has indicated volumes of

investments utilization in fixed assets compared

to the general budget of Ukraine in 2020 for

Section 3.

Sources of funding for research

presented in a scientific article or

scientific article itself

Funding of the scientific article is provided by its

authors.

Creative Commons Attribution

License 4.0 (Attribution 4.0

International , CC BY 4.0)

This article is published under the terms of the

Creative Commons Attribution License 4.0

https://creativecommons.org/licenses/by/4.0/de

ed.en_US

WSEAS TRANSACTIONS on BUSINESS and ECONOMICS

DOI: 10.37394/23207.2022.19.113

Olga Shumilo, Vitalina Babenko,

Olena Ocheredko, Nataliia Nalyvaiko,

Sofiia Sukhoniak, Hanna Fedorova

E-ISSN: 2224-2899

1279

Volume 19, 2022