2026年世界投资报告：动荡时代的国际投资

International Investmentin a Turbulent Era Requests to reproduce excerpts or to photocopy should be addressed to the CopyrightClearance Center at copyright.com. All other queries on rights and licences, including subsidiary rights, should be addressed to: United Nations Publications405 East 42nd StreetNew York, New York 10017United States of AmericaEmail: publications@un.orgWebsite: https://shop.un.org The designations employed and the presentation of material on any map in this work do not implythe expression of any opinion whatsoever on the part of the United Nations concerning the legalstatus of any country, territory, city or area or of its authorities, or concerning the delimitation ofits frontiers or boundaries. Mention of any firm or licensed process does not imply the endorsement of the United Nations. This publication has been edited externally. ISBN: 978-92-1-154998-0eISBN: 978-92-1-159943-5ePub ISBN: 978-92-1-154999-7ISSN: 1020-2218eISSN: 2225-1677Sales No. E.26.II.D.18 World Investment Report 2026International Investment in a Turbulent Era Preface Our world has entered a period of profound turbulence – reflected in seismic shifts in the globalinvestment landscape. In 2025, global foreign direct investment rose by 6 per cent to reach $1.6 trillion. But this growthmasks underlying fragility and disparities across countries, regions and sectors. Investment expansion was driven largely by a small number of megaprojects, particularlyinfrastructure related to artificial intelligence. Across most sectors, new project activity is subdued,reflecting heightened investor uncertainty amid geopolitical tensions, trade policy volatility, therising cost of capital and intensifying technological competition. At the same time, global investment is being reshaped by fault lines in international cooperationand rising economic security concerns. In response, governments are focusing on a narrow set ofstrategic sectors, while firms are redesigning supply chains along regional and geopolitical lines. The opportunities — and risks — are many. Developing economies may break into new high-growth industries, including clean energy and advanced manufacturing, but investment couldbecome concentrated, leaving many behind. Monitoring by UNCTAD shows that governments are becoming increasingly active in shapinginvestment flows, with new investment policy measures reaching a record high in 2025.Among those measures are strong support for strategic sectors, industrial upgrading, digitaltransformation and the green transition. Now is the time to reinvigorate international cooperation around investment as a driver ofsustainable development, as developing countries build and strengthen the systems their peoplerequire. Governments must also rally behind the Sevilla Commitment’s global call to addressthe limited access to finance faced by developing countries, and scale up investment at speedand scale. The analysis and recommendations of UNCTAD offer important guidance for policymakers anddevelopment advocates to navigate an increasingly complex economic environment and harnessinternational investment for sustainable and inclusive growth. World Investment Report 2026International Investment in a Turbulent Era Foreword For decades, firms have expanded across borders in a world that was opening up, driving deeperintegration, expanding trade and grounded on broadly stable rules. That world is changing fast. Today companies are rethinking where they invest as geopolitical tensions, volatile trade policies,technological competition and economic security concerns intensify. TheWorld Investment Report 2026shows that global foreign direct investment rose by 6 percent, to $1.6 trillion, following declines in two consecutive years. However, growth remains fragileand uneven. Inflows increased by 11 per cent in developed economies, compared with 2 percent in developing economies, and the outlook remains clouded by trade policy uncertainty andgeopolitical tensions. Investment is also concentrating. A handful of strategic sectors — semiconductors, artificialintelligence, clean energy, critical minerals — now represent almost half of all announcedgreenfield projects in 2025. However, least developed and lower-middle-income countriestogether attract barely 10 per cent of them, against more than 20 per cent in other industries. A deeper change is also shaping global direct investment. For decades, capital followed cost and efficiency, areas in which developing countries wereable to compete. Today, investment follows strategic calculation and industrial policy marked bysubsidies, economic security and technological advantage. Governments are competing withnew investment policy measures, at a record high in 2025. This logic rewards deep pocketsand established ecosystems, and most developing countries cannot match the support that thelargest economies now deploy. The hardest challenges today are attracting investment at all,as