Measuring and Analyzing the Impact of Human Capital Formation on Economic Growth in the Selected Countries during the Period (2000-2021)

Abstract

This research is concerned with measuring and analyzing the impact of human capital formation, expressed by spending on health and education, on the economic growth of a sample of selected countries (Iraq, Kuwait, Malaysia) during the period (2000-2021), using the quantitative method of analyzing ARDL and Panel Models Data. The study concluded that investment in human capital over the study period has a considerable effect on economic growth, and that the effect of educational spending is not significant in the short term, but significant and positive in the long term. The impact of educational and health spending on economic growth in the countries under study, particularly in the long term (Panel Estimation), is much greater than the impact of educational and health spending in all countries separately (Time Series Estimation), so these countries must improve efficiency and increase investment in education and health sectors in line with economic needs.