IMPACT OF DIGITAL TRANSFORMATION OF THE HUMAN CAPITAL MANAGEMENT SYSTEM ON STATE REGULATION OF THE NATIONAL ECONOMY DEVELOPMENT

The study reveals the role of human capital as a key factor of sustainable economic growth and a tool for state regulation of the national economy in the context of digital transformation. The purpose of the study is to determine the role of human capital in state regulation of the national economy development in Ukraine in the context of digital transformation and to substantiate directions for improving state regulation to increase the management efficiency of this capital. The research used methods of comparative analysis, statistical generalization, structural and logical analysis, graphic modeling, and the inductive-deductive approach. The source of empirical data was indicators of the State Statistics Service of Ukraine and Eurostat for 2019-2023, which made it possible to trace changes in functioning of the human capital system before the start of a full-scale war and under its influence. It is shown that indicators of the educational level, demographic situation, employment, and digital competencies of the population are decisive for formation of the competitive economy. Despite high level of the higher education coverage in Ukraine (28% in 2023), other socio-economic indicators, in particular low GDP per capita, high unemployment and negative natural growth, indicate low efficiency of the human potential realization. Emphasis is placed on demographic challenges, in particular population decline and aging, which threatens stable reproduction of human capital. Comparative analysis with EU countries shows deep gap in economic productivity, which requires systematic modernization of approaches to human capital management. The digital economy is transforming the labor market, increasing the demand for new competencies, while simultaneously displacing traditional forms of employment. Both positive (innovation, new forms of employment, access to the global market) and negative (increasing inequality, displacement of labor) effects of digitalization are identified. The need for digital modernization of the human capital management system based on analytics, forecasting and information technologies is proven. Strategic role of the state in the human capital development is outlined: from investing in education to forming the inclusive digital policy. Priority areas of state regulation are proposed, aimed at increasing digital competencies, adapting the education system, supporting innovative business, regulating new forms of employment and ensuring digital equality.