Financing the development of human capital and the efficiency of the economy of Kazakhstan: analysis of the relationship

Abstract

Analysis of the impact of human capital on the efficiency of the economy of Kazakhstan has been based on regression models with use of statistical data on the volume of investments in professional education and training, healthcare, and GDP per capita in the period from 2005 to 2017. In current conditions of Kazakhstan, it is found that investments in healthcare have the most significant link with the efficiency of the national economy. It seems that investments in the development of secondary professional education are relatively more effective when compared to investments in higher education. Spending in higher education does not yet have a significant impact on the change of GDP. This fact indicates that the economy of Kazakhstan has not yet adopted an innovative character. It is necessary to focus on the training of qualified professional personnel at the lower and middle levels, especially on technical specialties.