Dmitry S. Aleksanov, Marina V. Gracheva, Elena A. Tumanova, Natalia V. Chekmareva Evaluation of Investment Projects from the Perspective of the National Economy

DOI: 10.38050/2078-3809-2026-18-3-52-70

Abstract

The officially approved Methodological Guidelines for Assessing the Effectiveness of Investment Projects formally take into account the interests of all potential participants, including specific economic entities and budgets at various levels. At the same time, the main focus is on assessing the effectiveness from the perspective of the national economy, followed by the regional and sectoral economies, and then individual entities at the lower level. This does not contradict the principles of the international methodology for assessing investments, although there are some differences, shifts in emphasis, and limited examples required for a clearer understanding of the analysis results. The article is intended to clarify a number of key concepts of project analysis, their interconnections, and to demonstrate examples that remove the often observed ambiguity of interpretations. The authors rely on the main provisions of the international methodology adapted to Russian conditions, considering them to be the most correct, but requiring additions and clarifications, including in relation to budget support for projects with high social efficiency. The given example is considered as a means of specifying methodological recommendations.

Keywords: investment projects, feasibility, social efficiency, budgetary efficiency, commercial efficiency, consideration of alternatives, risks, state support.

JEL: D81, L26, O22.

For citation: Aleksanov, D.S., Gracheva, M.V., Tumanova, E.A., Chekmareva, N.V.  (2026) Evaluation of Investment Projects from the Perspective of the National Economy. Scientific Research of Faculty of Economics. Electronic Journal, vol. 18, no. 3, pp. 52-70. DOI: 10.38050/2078-3809-2026-18-3-52-70.

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