Human capital, migration, and financial flows as drivers of post-crisis economic performance
Yeremenko O. Khishauyeva Z. Wei L. Stoyanets N. Turoliev H. Lavrukhin V. Kovalenko D.
2025LLC CPC Business Perspectives
Knowledge and Performance Management
2025#9Issue 2273 - 293 pp.
The global recovery from recent economic, health, and geopolitical crises, including the COVID-19 pandemic and the Russia–Ukraine war, increasingly depends on how economies mobilize human capital, migration, and financial flows. This article examines how human capital and its reallocation through migration and remittances, under different institutional conditions and economic system types, relate to configurations of human capital, net migration, political stability, and remittances that support sustained post-crisis economic recovery. Using a panel of 73 economies from 2010 to 2023, the empirical strategy combines descriptive rankings, multiple linear regression (MLR), and decision-tree classification, with an 80/20 split of the sample, primarily drawing on the WDI. Descriptive patterns highlight large asymmetries in both migration and growth: some advanced and emerging economies combine sizeable net migration inflows with robust GDP growth, whereas conflict-affected and fragile states, including the Syrian Arab Republic, Yemen, and Ukraine, experience substantial net outflows alongside persistent output losses. However, regression results indicate that differences in human capital primarily drive cross-country variation in post-crisis growth: HCI is the only statistically significant predictor, while net migration, political stability, and remittances display small and insignificant linear effects (R2 ≈ 0.15; adjusted R2 ≈ 0.10; n = 73). Decision tree classification reveals complex, non-linear relationships between migration, human capital, financial flows, and economic recovery, with outcomes concentrated in economies that combine higher skills and sizable remittances with stable institutions, effectively converting them into productive human capital.
decision tree analysis , economic resilience , economic systems , financial resources , global migration , higher education , human capital , post-crisis recovery , remittances
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Sumy State University, Ukraine
Department of Accounting and Audit, Buketov Karaganda National Research University, Kazakhstan
School of Continuing Education, Bengbu University of China, China
Sumy National Agrarian University, Ukraine
Management Department Named After Professor L. Mykhailova, Sumy National Agrarian University, Ukraine
Department of Finance, Kyiv National Economic University, Ukraine
Department of Finance Named After Viktor Fedosov, Kyiv National Economic University named after Vadym Hetman, Ukraine
Management Department, Faculty of Economics and Management, Kyiv National University of Technologies and Design, Ukraine
Sumy State University
Department of Accounting and Audit
School of Continuing Education
Sumy National Agrarian University
Management Department Named After Professor L. Mykhailova
Department of Finance
Department of Finance Named After Viktor Fedosov
Management Department
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