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{"id":21587,"date":"2026-04-04T11:26:51","date_gmt":"2026-04-04T08:26:51","guid":{"rendered":"https:\/\/modecon.mnau.edu.ua\/?p=21587"},"modified":"2026-04-04T11:26:51","modified_gmt":"2026-04-04T08:26:51","slug":"macroeconomic-determinants-of-the-formation","status":"publish","type":"post","link":"https:\/\/modecon.mnau.edu.ua\/en\/macroeconomic-determinants-of-the-formation\/","title":{"rendered":"Posnova T., Shcherbatykh D., Remyha Yu. Macroeconomic Determinants of the Formation and Recovery of Human Capital"},"content":{"rendered":"

[vc_row][vc_column][vc_column_text]<\/p>\n\n\n\n
JEL Classification:<\/strong> E24; J11; J24<\/span><\/i>.<\/span><\/i><\/td>\nDOI<\/b>: https:\/\/doi.org\/10.31521\/modecon.V55(2026)-31<\/a><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

[\/vc_column_text][vc_column_text]Posnova Tetiana, <\/b>PhD in Economics, Associate Professor, Private Higher Educational Institution \u201cEuropean University\u201d<\/span><\/p>\n

ORCID:<\/strong> 0000-0003-2038-7743<\/span><\/a>
\ne-mail: <\/strong>tatosnova@gmail.com<\/span><\/a><\/p>\n

Shcherbatykh Denys, <\/b>Ph.D. in Economics, Associate Professor, Head of the Department of Economics, Finance and Accounting, Private Higher Education Establishment \u201cEuropean University\u201d<\/span><\/p>\n

ORCID:<\/strong> 0000-0003-0990-8376<\/span><\/a>
\ne-mail: <\/strong>denys.shcherbatykh@e-u.edu.ua<\/span><\/a><\/p>\n

Remyha Yuliia, <\/b>Candidate in Economics, Associate Professor Head of the Department of Management and Logistics Private Higher Educational Establishment \u201cEuropean University\u201d<\/span><\/p>\n

ORCID:<\/strong> 0000-0001-7162-5081<\/span><\/a>
\ne-mail: <\/strong>yuliia.remyha@e-u.edu.ua<\/span><\/a><\/p>\n

Macroeconomic Determinants of the Formation and Recovery of Human Capital<\/b><\/p>\n

Abstract. Introduction<\/i><\/b>. In the context of demographic decline, large-scale external migration, labor market imbalances, and severe fiscal constraints caused by war and prolonged instability, the formation and reproduction of human capital in Ukraine increasingly depend on macroeconomic determinants. GDP dynamics, employment structure, income levels, and public expenditure priorities shape not only the scale of investment in education and healthcare but also the qualitative characteristics of human capital and its capacity to generate long-term economic growth and structural modernization<\/span><\/i>.<\/span><\/i><\/p>\n

Purpose<\/i><\/b>. The purpose of the article is to substantiate the role of macroeconomic factors in the formation and restoration of human capital under systemic demographic and migration challenges and to determine priority directions for improving macroeconomic policy aimed at strengthening its recovery potential in the medium and long term.<\/span><\/i><\/p>\n

Results<\/i><\/b>. The research demonstrates that demographic contraction and external migration significantly reduce labor supply, narrow the tax base, and lower potential GDP. It identifies fiscal limitations, structural labor market mismatches, and institutional fragmentation as major barriers to effective human capital policy. Current state strategies are found to be weakly integrated with fiscal planning and insufficiently linked to productivity, innovation dynamics, and long-term growth indicators.<\/span><\/i><\/p>\n

Conclusions<\/i><\/b>. Effective restoration of human capital requires a transition from a socially compensatory approach to an integrated macroeconomic framework aligned with fiscal, demographic, and employment policies. Human capital should be treated as a strategic driver of sustainable economic growth, productivity enhancement, macroeconomic resilience, and national competitiveness.<\/span><\/i><\/p>\n

Keywords<\/b>: human capital; recovery; macroeconomic determinants; demographic decline; external migration.<\/span><\/i><\/p>\n

References<\/b>:<\/strong><\/p>\n

    \n
  1. Heiko, O. V. (2025). Challenges of the demographic crisis in Ukraine: Implications for human capital development. <\/span>Economy and Society<\/span><\/i>, 79. <\/span>https:\/\/doi.org\/10.32782\/2524-0072\/2025-79-68<\/span>.<\/span><\/li>\n
  2. Irtyshcheva, I. O., Trushliakova, A. B., & Riabets, D. M. (2019). Demographic situation of Ukraine in the system of measuring human capital and healthcare. <\/span>Bulletin of Sumy National Agrarian University. Series: Economics and Management<\/span><\/i>, 4(82), 136\u2013143. <\/span>https:\/\/doi.org\/10.32845\/bsnau.2019.4.26<\/span>.<\/span><\/li>\n
  3. Cabinet of Ministers of Ukraine. (2026). On approval of the State Target Social Programme \u201cYouth of Ukraine: Generation of Resilience \u2013 2030\u201d and amendments to certain acts of the Cabinet of Ministers of Ukraine (Resolution No. 20, January 2, 2026). <\/span>https:\/\/ips.ligazakon.net\/document\/KP26_020?an=1<\/span>.<\/span><\/li>\n
  4. Cabinet of Ministers of Ukraine. (2024). On approval of the Demographic Development Strategy of Ukraine until 2040 (Order No. 922-r, September 30, 2024). <\/span>https:\/\/zakon.rada.gov.ua\/laws\/show\/922-2024-\u0440#Text<\/span>.<\/span><\/li>\n
  5. Ministry of Economy of Ukraine. (2024). <\/span>Employment Strategy of Ukraine until 2030<\/span><\/i>. <\/span>https:\/\/me.gov.ua\/News\/Detail\/e90d802f-2d02-45e3-b53a-e9be765b3923<\/span>.<\/span><\/li>\n
  6. Deloitte. (2024). <\/span>2024 Global Human Capital Trends: Thriving beyond boundaries – Human performance in a boundaryless world<\/span><\/i>. <\/span>https:\/\/www.deloitte.com\/content\/dam\/assets-zone2\/ua\/en\/docs\/about\/2024\/DI_Global-Human-Capital-Trends-2024.pdf<\/span>.<\/span><\/li>\n
  7. National Bank of Ukraine. (2025). <\/span>Human Capital Resilience Charter<\/span><\/i>. <\/span>https:\/\/bank.gov.ua\/ua\/news\/all\/natsionalniy-bank-pidpisav-hartiyu-stiykosti-lyudskogo-kapitalu<\/span>.<\/span><\/li>\n
  8. World Bank. (2023). <\/span>Human Capital Reviews<\/span><\/i>. World Bank. <\/span>https:\/\/www.worldbank.org\/en\/publication\/human-capital\/brief\/human-capital-reviews<\/span>.<\/span><\/li>\n
  9. Kraay, A. C. (2018). <\/span>Methodology for a World Bank Human Capital Index<\/span><\/i> (Policy Research Working Paper No. WPS 8593). World Bank Group. <\/span>http:\/\/documents.worldbank.org\/curated\/en\/300071537907028892<\/span>.<\/span><\/li>\n
  10. Kropyvna, K. (2025). The impact of external labour migration on the demographic situation in Ukraine: Trends, challenges and projections. <\/span>Visegrad Journal on Human Rights<\/span><\/i>, 2. <\/span>https:\/\/doi.org\/10.61345\/1339-7915.2025.2.31<\/span>.<\/span><\/li>\n
  11. Luchyk, S., & Luchyk, M. (2021). Human capital of Ukraine: Inclusive development. <\/span>MEST Journal<\/span><\/i>, 9(2). <\/span>https:\/\/doi.org\/10.12709\/mest.09.09.02.07<\/span>.<\/span><\/li>\n
  12. OECD. (2021). <\/span>Productivity and human capital<\/span><\/i>. OECD Publishing. <\/span>https:\/\/www.oecd.org\/en\/publications\/productivity-and-human-capital_01ca6be9-en.html<\/span>.<\/span><\/li>\n
  13. Schultz, T. W. (1961). Investment in human capital. <\/span>The American Economic Review<\/span><\/i>, 51(1), 1\u201317.<\/span><\/li>\n
  14. KSE Institute. (2025). <\/span>Ukraine Human Capital Chartbook 2025<\/span><\/i>. <\/span>https:\/\/kse.ua\/wp-content\/uploads\/2025\/05\/Ukraine-Human-Capital-Chartbook-2025.pdf<\/span>.<\/span><\/li>\n<\/ol>\n

    [\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]Received: <\/strong>18 February 2026<\/span><\/p>\n

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    Posnova T., Shcherbatykh D., Remyha Yu. (2026). Macroeconomic Determinants of the Formation and Recovery of Human Capital. Modern Economics, 55(2026), 222-228. DOI: https:\/\/doi.org\/10.31521\/modecon.V55(2026)-31.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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    [vc_row][vc_column][vc_column_text] JEL Classification: E24; J11; J24. DOI: https:\/\/doi.org\/10.31521\/modecon.V55(2026)-31 [\/vc_column_text][vc_column_text]Posnova Tetiana, PhD in Economics, Associate Professor, Private Higher Educational Institution \u201cEuropean University\u201d ORCID: 0000-0003-2038-7743 e-mail: tatosnova@gmail.com Shcherbatykh Denys, Ph.D. in Economics, Associate Professor, Head of the Department of Economics, Finance and Accounting, Private Higher Education Establishment \u201cEuropean University\u201d ORCID: 0000-0003-0990-8376 e-mail: denys.shcherbatykh@e-u.edu.ua Remyha Yuliia, Candidate in
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