Iryna Adamenko

The investment policy of the state is an important tool for diversifying the economy. This paper analyzes the share of capital investment in GDP, the index of fixed capital investment for 2015–2019, and assesses the investment policy determinants of the state of developed countries and emerging countries. Correlation-regression analysis methods were used to determine the relationship between real GDP, the share of industrial output in GDP, and the index of fixed capital investment in countries with economies in transformation. As a result, it was determined that in the vast majority of countries studied, the increase in investment in fixed assets contributes to the acceleration of economic growth, and the level of economic growth determines the investment potential of countries; that the heterogeneity of the impact of investment on the level of economic growth in countries with transformational economies is due to their raw material orientation, insufficient level of validity and predictability of the implemented investment policy of the state; the state’s investment policy is an important tool for ensuring macroeconomic stability and stimulating economic growth in a recession. Using the data of the panels for the period from 2015 to 2019, it is substantiated that the creation of conditions for macroeconomic balance will increase business activity of enterprises, which is the result of purposeful influence of state investment policy on economic processes by ensuring quality transformation and innovation of the national economy. The obtained results show that the level of influence of the state investment policy on the level of economic growth varies significantly depending on the level of development of financial institutions in the country and the infrastructure of the financial market.

The COVID-19 pandemic has intensified the issue of strengthening the financial support of human capital development and enhancing its impact on economic growth. This study aims to assess the impact of financial support of human capital development in terms of public spending on health and education on economic growth. Economic-statistical methods and correlation-regression analysis are used to determine the impact of the share of public spending on health and education in GDP on real GDP, and to assess the characteristics of financial support of human capital development. The study reveals evidence of a link between the level of public funding for human capital development and real GDP. At the same time, for Ukraine and the countries-full members of the Commonwealth of Independent States, in particular Armenia, Azerbaijan, Kazakhstan, Moldova, Belarus, the Kyrgyz Republic, Uzbekistan, and Russia, the results of the study were mixed. In recent years, with the share of public spending on health and education in GDP growing by 1 percentage point, real GDP has grown in 4 and 5 countries, respectively, and decreased in 5 and 4 countries out of 9 studied. The results show that a significant deterrent to strengthening the financial support of human capital development and its impact on economic growth is a significant level of uncertainty in economic processes, which determines the importance of revising the forms and methods of public financing of human capital.