Development of human capital and the economy in Azerbaijan in the context of the Russian-Ukrainian war

Abstract

This paper aimed to empirically substantiate strategies for developing human capital (HC) and the economy in Azerbaijan during the Russian-Ukrainian war conflict (RUWC). Using the method of expert assessments, key indicators reflecting the development trends of the national economy and human capital are substantiated. Based on the construction of regression models and the elasticity index, the nature and consequences of the RUMC on the national economy and the HC of Azerbaijan have been analyzed. By hierarchical classification, we have determined the effective economic development strategies and HC in Azerbaijan during and after RUWC: increasing economic diversification, reducing part of the oil and gas sector in GDP, the development of the agro-industrial complex, the geographical diversification of imports and exports, and the strategy for IT development, providing comfortable conditions and tax preferences for IT businesses, legislative settlement of issues investment and activities of venture funds to attract IT-specialists for different countries.

Keywords

• Azerbaijan
• economy
• human capital
• development strategy
• Russian-Ukrainian war