Role of Education and Financial Development in Economic Growth of Selected Asian Countries

Abstract

Education and financial development are key determinants of economic growth. This research makes an effort to highlight the role of education and financial development with urbanization in the economic growth of selected Asian countries. Economic growth is used as a dependent variable, and secondary school enrolment, financial development, life expectancy, and urban population are used as independent variables. Panel data set for the time 2002 to 2019 is used for the analysis. The random effect technique is used. The study results demonstrate that secondary school enrolment, financial development, life expectancy, and urban population increase economic growth in selected Asian countries. It is recommended that government should provide free of cost education facilities in selected economies. Moreover, the public should be provided with more financial debt facilities to increase per capita income, high living standards, and economic growth in these selected economies. The plan must be placed on education and health high on the agenda in these economies.