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<p>This study examines the relationship between governance quality and economic growth using panel data from 190 countries for the period 2005–2024. It provides updated global evidence on how institutional factors are associated with GDP growth while accounting for key macroeconomic conditions. Using a fixed-effects panel regression approach, the study finds that control of corruption and government effectiveness are positively associated with economic growth, although the effect of control of corruption is modest and should be interpreted cautiously. In contrast, regulatory quality and voice and accountability show significant negative short-term effects, likely reflecting transitional adjustment costs associated with reforms. Political stability and rule of law are not statistically robust in the final model, suggesting that their influence may be indirect or realized over longer time horizons. Among the control variables, foreign direct investment is consistently associated with higher growth, while public debt and short-term increases in education and health expenditure are linked to lower growth. The findings suggest that governance quality matters for economic performance, but its effects are conditional on broader institutional and macroeconomic contexts.</p>

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Governance quality, corruption, and economic growth: global insights from two decades

  • 期刊论文

  • 发表日期：

    2026年5月13日

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  • Md. Mominul Islam

摘要

This study examines the relationship between governance quality and economic growth using panel data from 190 countries for the period 2005–2024. It provides updated global evidence on how institutional factors are associated with GDP growth while accounting for key macroeconomic conditions. Using a fixed-effects panel regression approach, the study finds that control of corruption and government effectiveness are positively associated with economic growth, although the effect of control of corruption is modest and should be interpreted cautiously. In contrast, regulatory quality and voice and accountability show significant negative short-term effects, likely reflecting transitional adjustment costs associated with reforms. Political stability and rule of law are not statistically robust in the final model, suggesting that their influence may be indirect or realized over longer time horizons. Among the control variables, foreign direct investment is consistently associated with higher growth, while public debt and short-term increases in education and health expenditure are linked to lower growth. The findings suggest that governance quality matters for economic performance, but its effects are conditional on broader institutional and macroeconomic contexts.