Abstract
This study aims to examine the impact of financial inclusion on economic growth in four different income groups from 2005-2020. A multidimensional index of financial inclusion was developed, and then this newly constructed index has been used to examine the effect of FI on economic growth. Financial inclusion indicators investigated in the present study include domestic credit from financial sector and private sector, number of commercial banks and ATMs per 1,000 km2 and 100,000 adults, borrowers and depositors from commercial bank. Gross domestic product per capita (GDPPC) is used as a measure of economic growth. In this study Stata software has been used to assess the impact of variables. According to the findings, in countries with low financial inclusion index (FII) and low income, financial inclusion has a positive significant impact on economic growth. Policymakers should design initiatives that increase access to and use of financial products.
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