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Purpose. This paper focuses on the measurement of the human capital level in Albania, Serbia and European Countries and in identifying the gaps between them. In addition, it focuses on the link between human capital and the Gross Domestic Product (GDP), by extending the analyse in finding the gender disparity of human capital and GDP relationship. Lastly, this study estimates the growth rate of the human capital level for Albania and Serbia and make a comparison with the average human capital of the European Countries. Methodology. The methodology used in the calculation of the growth rate of human capital is exponential trend method which makes possible the estimation of the years needed for Albania and Serbia to catch up the average of EU-28. The data employed mostly in the above-mentioned analysis is the data set taken from Barro and Lee (2010) corresponding the Educational Attainment Data from 1950 to 2010. For the estimation of the growth rate of the human capital level, additional data until 2015 have been used compiled from the UIS database and UN population database, respectively. Findings. The findings show that Albania has a higher probability of an earlier convergence than the Serbia has. Even though the proxy of human capital for year 2010 for Albania (9.85), is lower than Serbia (10.97), Albania is experiencing a rapid increase in the average years of schooling. Limitations. But again, the study is limited to data related to only the years of schooling without considering the quality of education and skills acquired. Originality. This study can serve as a contributor to the performance examination of Albania and Serbia to the EU community with regard to human capital accumulation.

HUMAN CAPITAL TRAJECTORY: PERFORMANCE OF ALBANIA AND SERBIA IN CATCHING UP THE EU COUNTRIES