Financial Inclusion, Education, and ICT: Pathways to Economic Growth in Asian Countries

Abstract

Financial inclusion and information and communication technology may affect economic growth in Asian countries. Considering the significance of these factors, we have investigated how financial inclusion, ICT, education, industrialization, and urban population affect economic growth in the concerned economies. We used data from 2005 to 2020. The fixed effect result shows that financial inclusion has affected the economic growth of Asian economies. We have used a unit root test to check the stationarity of data. On the basis of the test, we have used the fixed effect technique based on the value of Hausman test for this analysis. Findings also point out that education seems to be affecting growth positively. Finally, information and communication technology, industrialization, and urban population tend to enhance economic growth.  The study recommends more access and provision of financial facilities for more growth. Moreover, the government should provide more educational facilities to the general public. Finally, there is a need to construct more IT education and information and communication technology centers for the people to get training and education in IT. Focus should be made more on industrialization for growth in urban areas.