Analysis of the Main Factors Affecting the Development of Human Capital as One of the Key Strategical Objectives in the Republic of Azerbaijan

Abstract

Sustainable development is one of the most challenging and pressing challenges facing humanity. One of the driving factors of sustainable development is the successful development of human potential and the transformation of this potential into human capital. In recent decades, reproducible human capital has begun to occupy a significant share in the structure of the national wealth of many developed countries.
 In developed countries, the share of human capital in the country's national wealth reaches 70%, thereby significantly exceeding the importance of natural and physical capital in economic growth. Due to the variety of factors and conditions affecting the sustainable development of countries, the development of human potential and the formation of human capital around the world is happening with different dynamics. This largely depends on government priorities and policies in the field of full development of human potential, the creation of favorable social, economic and environmental conditions for its successful implementation. The author researches the factors that influence the development of human capital to varying degrees, analyzes various government policies aimed at the development of human capital, analyses experience of the public administration mechanisms in the Republic of Azerbaijan aimed at human development and the development of human capital. An important aspect of the success of the implementation of government programs is the assessment by influential international organizations of various country indicators. The article also highlights topical issues related to the development of human capital within the framework of national development priorities until 2030. The reforms carried out in the Republic of Azerbaijan in the field of vocational education, health care, demographic policy, the implementation of programs to support the private sector, especially small and medium-sized businesses, the creation of favorable conditions for investment in various sectors of the economy are important factors for the development of human capital in the medium and long term.
 The purpose of the article is to study the factors influencing the development of human capital in the Republic of Azerbaijan, to analyze the state measures carried out in the country aimed at creating the necessary conditions for the development of human capital.