State and problems of investment activity in Ukraine in the conditions of economic instability

The article provides a comprehensive study of the current state and dynamics of investment activity in Ukraine in the context of protracted economic and security instability. It is substantiated that investments are a key tool for restoring the national economy, modernizing the production base, and activating innovative activity. This scientific article analyzes the volumes of capital and foreign direct investment in 2019– 2024, covering the periods of influence of global crises – the COVID-19 pandemic and full-scale war. Significant volatility of investment flows, sensitivity to internal and external risks, as well as signs of partial stabilization in the last two years, were identified. Structural analysis showed the dominance of capital investments in tangible assets and an increase in the share of intangible innovative investments. Factors that hinder investment activity are identified: political instability, imperfect legal framework, corruption, destroyed infrastructure, high tax burdens, complexity of administration, and low investment image of Ukraine. Taking into account the identified problems, directions for activating investment activity are substantiated: harmonization of the regulatory framework with international standards, strengthening institutional capacity, implementation of anti-corruption reform, support for innovative entrepreneurship, development of startups, technology parks, digital solutions, infrastructure restoration, formation of a positive international image of Ukraine and application of financial and tax incentives for investors. Implementation of these directions will contribute to the formation of a stable investment climate and create the basis for sustainable economic growth of Ukraine in the post-war period of transformation. The proposed analytical model allows for assessing the effectiveness of state investment policy in conditions of crisis transformations. The practical value of the study lies in the formulation of strategic guidelines for increasing the country's investment attractiveness. The results of the work can be used to develop programs for economic recovery and integration of Ukraine into the global investment space.