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<p>This study thoroughly examines how financial inclusion influences economic growth in both D7 and E7 economies. Using a detailed analysis method, FsQCA (Fuzzy-set Qualitative Comparative Analysis), we investigated the specific factors that contribute to financial inclusion and, consequently, drive economic prosperity. Our research focuses on seven digitally advanced countries and seven emerging economies, using data from World Bank and IMF databases between 2004 and 2020. The findings reveal six unique combinations of factors influencing economic growth in E7 nations, highlighting the significant roles of ATMs, DEBIT, and Financial Development. In contrast, D7 countries display a more complex web of eight pathways to economic growth, emphasizing the critical roles of Financial Development, Industrialization, and Trade. These results shed light on key elements in the system that need focused attention and support for sustainable economic growth. Policymakers and countries looking to enhance their financial inclusion efforts for economic growth will find valuable insights in this research.</p>

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Financial Inclusion’s Impact on Economic Growth: D7 vs. E7 Unveiled with FsQCA

  • 期刊论文

  • 发表日期：

    2025年9月2日

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  • Farah Naz,
  • Sitara Karim,
  • Naila Sadiq

摘要

This study thoroughly examines how financial inclusion influences economic growth in both D7 and E7 economies. Using a detailed analysis method, FsQCA (Fuzzy-set Qualitative Comparative Analysis), we investigated the specific factors that contribute to financial inclusion and, consequently, drive economic prosperity. Our research focuses on seven digitally advanced countries and seven emerging economies, using data from World Bank and IMF databases between 2004 and 2020. The findings reveal six unique combinations of factors influencing economic growth in E7 nations, highlighting the significant roles of ATMs, DEBIT, and Financial Development. In contrast, D7 countries display a more complex web of eight pathways to economic growth, emphasizing the critical roles of Financial Development, Industrialization, and Trade. These results shed light on key elements in the system that need focused attention and support for sustainable economic growth. Policymakers and countries looking to enhance their financial inclusion efforts for economic growth will find valuable insights in this research.