The Role of Fiscal Policy in Economic Growth: A Comparative Analysis of Developed and Developing Countries

Md. Shahinul Islam, Md. Al Amin, Md. Billal Hossain, Al Imran Sm, Nusrat Jahan, Fahad Bin Asad and Abdullah Al Mamun
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Md. Shahinul Islam: Department of Economics, Pabna University of Science and Technology, Pabna, Bangladesh
Md. Al Amin: Department of Economics, Pabna University of Science and Technology, Pabna, Bangladesh
Md. Billal Hossain: Department of Economics, Pabna University of Science and Technology, Pabna, Bangladesh
Al Imran Sm: Department: Swaruupkathi Sub Branch, Islami Bank Bangladesh, PLC, Bangladesh
Nusrat Jahan: Department of Mathematics and Economics, Playpen School, Bangladeash
Fahad Bin Asad: Department of Economics, Pabna University of Science and Technology, Pabna, Bangladesh
Abdullah Al Mamun: Senior Officer & Branch Operation Manager, Pubali Bank PLC, Bangladesh

International Journal of Research and Innovation in Social Science, 2024, vol. 8, issue 12, 1361-1371

Abstract: This objective is to provide a comparative research study that explores the role that fiscal policy plays in economic growth, with a special focus on both industrialized nations and developing countries. The study will explore the effect that fiscal policy has on economic development. Another area that is examined in this study is the connection that exists between fiscal policy and economic development. Another way of putting it is that it is a convoluted link that, depending on the economic climate in which it is being evaluated, might take on a somewhat different aspect. Given the nature of the relationship that exists between fiscal policies and expanding economies, it may be difficult to comprehend the link. The role that fiscal policy plays in the process of economic growth is influenced by a variety of factors, each of which has its own unique effect. Factors such as the organization of the government and the economy, as well as the specific channels through which fiscal policies are implemented, are included in this category. There is a significant gap between the industrialized nations and the developing countries in terms of the significance that fiscal policy plays in the process of economic growth. This gap is particularly pronounced in the development countries. In order to accomplish the aim of shining light on these discrepancies, which will be accomplished via the evaluation of empirical data and theoretical frameworks, the purpose of this comparative research is to achieve the purpose of illuminating light. Over a variety of different routes, fiscal policy has the potential to impact economic development. When it comes to industrialized nations, fiscal management that is solid often results in lower interest rates, which in turn supports private investment and consumer activity. In contrast, successful fiscal policies may boost human capital development in poor countries by directing public expenditure on education and infrastructure in a targeted manner, which can result in long-term economic gains.

Date: 2024
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