UKRAINE’S INVESTMENT ATTRACTIVENESS ON THE WORLD STAGE DURING THE COVID-19 PANDEMIC

Abstract

In the current economic conditions and increased competition, the ability of an entity to attract investments, i.e., its investment attractiveness, becomes important. It largely depends on the stability of the external and internal environment, the efficiency of economic activity, the priority of tasks, etc. The needs of modern society are growing rapidly; therefore, it is necessary to carry out the economic development of the country at the same time. Assessing the development of the investment market is the basis for a comprehensive approach to the analysis of the investment attractiveness of economic entities. The investment market is the area of investment objects in all its forms, taking into account the conditions of investment activity at certain stages of economic development of an enterprise, the economy, the region, and the country as a whole. The article considers the main indicators that characterize the economic development of Ukraine. The subject of the study is the main indicators that characterize the investment attractiveness of the country. The purpose of the study is to analyze the dynamics of the level of investment attractiveness of Ukraine during 2010-2020 in the context of the COVID-19 pandemic. The research is based on scientific methods, among which it is expedient to distinguish: analysis and synthesis, comparison, idealization and abstraction, as well as systematization and generalization – when formulating conclusions as a result of the study. As a result, the dynamics of the gross domestic product, the index of investment attractiveness are analyzed. The change in the number of business entities in Ukraine over the past decade has shown a negative trend. It is found out that the structural sector in Ukraine is wholesale and retail trade. The dynamics of the volume of retail trade turnover of Ukraine during 2010-2020 and the index of the physical volume of retail trade turnover of Ukraine are determined. The method of assessing the level of investment attractiveness of the country is considered. The importance of the ability to create new competitive advantages and keep the existing ones under the influence of various factors has been proved. Ukraine's ranking positions in comparison with other countries of the world in terms of gross domestic product, index of business conditions, index of economic freedom, index of global competitiveness, world competitiveness and world digital competitiveness are also determined. The investment environment during 2020 was negatively assessed by entrepreneurs and investors. It turned out that 78% of surveyed company executives consider the current investment climate unfavorable, only 12% consider Ukraine a profitable market for new investors. At the same time, among the negative factors influencing the investment climate, there was chosen a weak judiciary, high levels of corruption and the shadow economy. As a result of the analysis of the dynamics of these indicators, negative trends were revealed due to the aggravation of economic crises, hostilities in the east, the annexation of the Autonomous Republic of Crimea, destabilization of social and political life, COVID-19 pandemic. There is a deterioration of rating places on these indicators, which requires the immediate development of new regulations, the choice of a new strategy for attracting investment, as well as the effective use of levers of influence on the country's economy.