Economic Growth and Welfare with Education, Financial Development and Gross Fixed Capital Formation in Asian Countries

Abstract

Economic growth would not be achievable without the support of education, ICT, and financial development in Asian economies. Human welfare is an integral part of sustainable economic development. Before achieving sustainable development, it is very crucial to work for the development of human beings. The research highlights the significance of education in financial development and gross fixed capital formation in Asian countries. We have used data from 2009 to 2021 from 8 Asian economies for the analysis. OLS regression result shows that education and ICT contribute much towards economic growth. However, unemployment seems to affecting negatively the growth. Finally, financial development and gross fixed capital formation also affect positively the growth of Asian nations. The study suggests more education and ICT facilities for the people. More employment opportunities and credit facilities should be provided to needy people. It will increase the economic growth and welfare of the concerned nations.