IMPROVING INDICATORS FOR ASSESSING INVESTMENT EFFICIENCY IN REGIONAL DEVELOPMENT PROGRAMS

Abstract

This article examines the existing approaches to assessing investment efficiency within regional development programs and identifies the main directions for improving the system of investment performance indicators. In the context of increasing regional economic disparities, limited financial resources, and growing competition for domestic and foreign investment, the assessment of investment efficiency should go beyond measuring the volume of attracted or utilized investment. The study proposes a comprehensive system of indicators covering financial, economic, fiscal, employment, social, infrastructural, innovation, and environmental outcomes. Particular attention is paid to the need to differentiate investment efficiency indicators according to the economic specialization and development potential of individual regions. The article proposes a Regional Investment Efficiency Index that integrates several groups of indicators into a unified assessment framework. The proposed approach makes it possible to evaluate not only the amount of investment attracted but also its actual contribution to economic growth, employment creation, budget revenues, infrastructure development, innovation, and improvement of living standards. The findings can contribute to improving the selection, monitoring, and post-evaluation of investment projects implemented within regional development programs.