DEVELOPMENT OF HUMAN CAPITAL AND THE ECONOMY IN AZERBAIJAN IN THE CONTEXT OF RUSSIAN INVASION OF UKRAINE

This paper aimed to empirically substantiate strategies for developing human capital (HC) and the economy in Azerbaijan during the Russian-Ukrainian war. Using an expert assessments method, 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 Russian invasion of Ukraine: 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.