Financial inclusion as a tool for sustainable macroeconomic growth: An integrative analysis

Shubham Chavriya, Gagan Deep Sharma and Mandeep Mahendru

Annals of Public and Cooperative Economics, 2024, vol. 95, issue 2, 527-551

Abstract: Despite extensive research on the relationship between financial inclusion and macroeconomic growth, little is known about the role of financial inclusion as a significant driver of macroeconomic growth in developing countries. Financial inclusion could boost sustainable macroeconomic growth, which has been a key policy goal for governments worldwide because it affects employment, population, inequality, and poverty. This study explores the influence of crucial financial inclusion indicators on developing countries' macroeconomic growth. The study shows that digital finance, financial technologies, financial outreach, financial literacy, demographics access to finance, microfinance and financial stability are the ways through which financial inclusion affects macroeconomic growth. We used the Scopus database to get information from 419 research articles and analyzed those to figure out how financial inclusion affected macroeconomic growth from 2006 to 2020. The study will help policymakers, governments, and marketers develop policies to involve everyone in the financial system, which results in macroeconomic growth.

Date: 2024
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https://doi.org/10.1111/apce.12427

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