Inclusive Growth Research Articles

Breaking Barriers: An Econometric Analysis of the Impact of Female-Led Enterprises on Emerging Economies using statistical and quantitative techniques

The contribution of female-led enterprises has become an increasingly significant area of interest in understanding the economic growth patterns of emerging economies. Breaking Barriers: An Econometric Analysis of the Impact of Female-Led Enterprises on Emerging Economies, this study examines how such enterprises stimulate economic progress through innovative, inclusive business practices. Existing studies often need to improve on limitations such as data scarcity, non-standardized analysis techniques, and failure to incorporate gender-specific challenges into their models. These constraints hinder a holistic understanding of female-led enterprises' impact on broader economic performance. To address these issues, we introduce the Emerging Economies using Statistical and Quantitative Techniques (EE-SQT) Framework, a robust, econometric model that leverages cross-sectional and time-series data analysis. This framework incorporates gender-specific variables, comprehensive economic indicators, and machine learning algorithms to detect non-linear relationships and quantify impacts with precision. The EE-SQT framework is applied to data from various emerging economies, using statistical techniques like panel data regression, structural equation modeling (SEM), and sensitivity analysis to assess economic outcomes attributed to female leadership in business. This method ensures greater analytical rigor and enables cross-country comparisons and deeper insights into policy effectiveness. Results from applying the EE-SQT framework indicate that female-led enterprises significantly contribute to GDP growth, innovation rates, and employment creation. The analysis reveals that targeted support for these enterprises correlates with stronger economic resilience and inclusive growth, showcasing the need for policies that encourage and sustain female entrepreneurship in emerging markets.

Integrating Sustainability in an Emerging Economy

This article critically examines Ghana’s journey toward integrating environmental, social, and governance (ESG) practices to advance sustainable development. It assesses the political, economic, and regulatory dynamics shaping ESG adoption, highlighting Ghana’s progress through targeted policymaking, international commitments, and sector-specific regulations. The analysis emphasizes the necessity of robust governance structures and regulatory oversight, using the banking industry as a key example of the practical challenges and opportunities in ESG implementation. By situating Ghana’s experiences within the broader context of emerging economies, the article identifies shared obstacles and outlines strategic solutions, offering actionable insights for enhancing sustainability, resilience, and inclusive growth. Keywords: environmental, social and governance (ESG); sustainable development; Ghana; regulatory frameworks; banking sector; gender equality; corporate social responsibility (CSR); renewable energy; international agreements; small and medium enterprises (SMEs).

Fostering energy transition in Africa: Financial systems, inclusive growth, corruption control and ICT as catalysts

Fostering energy transition in Africa: Financial systems, inclusive growth, corruption control and ICT as catalysts

Chanakya’s Concept of ‘Lokasangraha’ (Welfare of the People) in Global Sustainable Development Goals (SDGs)

Sustainable development demands governance systems that integrate economic progress, social equity, and ecological sustainability. While the current governance systems are mainly Western, the ancient Indian systems, specifically Chanakya's Lokasangraha, present a novel system of ethical leadership and sustainability. This study examines Lokasangraha as a system of governance in accordance with the United Nations Sustainable Development Goals (SDGs), specifically SDG 1 (No Poverty), SDG 10 (Reduced Inequalities), and SDG 16 (Peace, Justice, and Strong Institutions). Employing the comparative analytical method, this research compares Lokasangraha with contemporary models of sustainability like the Nordic welfare model, the European Green Deal, and ESG ideas. The conclusions highlight the critical role of ethical leadership, responsibility on the part of groups and states, and distributive justice to guarantee sustainable results in the long term. The study concludes that the integration of moral governance in economic and environmental policies enhances social stability, economic resilience, and sustainable development. Lokasangraha provides useful lessons for contemporary governance, showing how ethical leadership can solve global sustainability issues. Business leaders and policymakers can apply Lokasangraha-inspired approaches to improve balanced and inclusive growth.

The Transformative Role of Digital Technology in Enhancing Economic Inclusivity within Developing Countries: A Scoping Review

This scoping review explores how digital technology enhances economic inclusivity in developing countries. The study examines the advantages and limitations of digital platforms in finance, healthcare, education, and entrepreneurship, particularly in improving resource access for marginalized communities and enabling economic functionality. By analyzing frameworks such as the Technology Acceptance Model (TAM) and the Theory of Diffusion of Innovations, the analysis presents how digital innovations address barriers like inadequate infrastructure and economic disparities. While mobile banking, telemedicine, e-learning, and digital financial services contribute to inclusive growth, challenges such as low digital literacy and regulatory issues persist. Older citizens, in particular, require targeted support due to limited digital skills. Using case studies and cross-sector themes, the review proposes strategies to maximize digital technology’s potential in reducing poverty and advancing sustainable development. Key findings reveal that mobile banking improves savings and credit access, e-learning narrows digital skills gaps, telemedicine increases rural healthcare access, and digital platforms stimulate SME growth. However, these benefits are uneven without strong infrastructure, digital literacy, and regulatory support. The review emphasizes public-private partnerships, context-specific digital literacy programs, and comprehensive regulatory mechanisms to expand access and support inclusive economic growth.

A systematic literature review and bibliometric analysis on inclusive green finance with an emphasis on the digital economy and green growth

PurposeUpdating research is important to assess the progression of existing academic studies. The purpose of the study is to comprehend the role of inclusive green finance in terms of financial and economic inclusion in the digital economy and green growth.Design/methodology/approachBibliometric methodology was employed to assess the progression of the current academic study on inclusive green finance. Scholarly articles were taken from Dimensions and PubMed. A VOS Viewer was used to assess 263 publications, looking at co-authorship, co-occurrence of keywords, citations and co-citations of documents and sources that linked.FindingsThe findings reveal that inclusive green finance plays an important role in green economic development. Inclusive green growth and ecological innovation pave the way for achieving sustainable development. There is a strong relationship between digital financial inclusion and green technological innovation. Interestingly, the analysis found that China is a major player focusing on inclusive green finance.Originality/valueThis study is one of the preliminary steps toward understanding the various barriers and challenges associated with inclusive green finance. This paper can contribute to inclusive green finance literature for further research in each field. The paper also highlights various strategies to overcome challenges related to inclusivity in green finance.

Assessing the nexus between industrialization and inclusive green growth in Africa. The critical role of energy efficiency

Assessing the nexus between industrialization and inclusive green growth in Africa. The critical role of energy efficiency

A Research Study on Awareness & Progress of Electronic Banking (E- banking) In India

The Indian banking sector is crucial to the economic growth of any nation, and in recent years, India's banking industry has experienced substantial transformation. This evolution has been largely driven by regulatory reforms and the rapid adoption of digital technologies. These developments have compelled banks to improve service delivery and adapt to changing customer expectations. Although e-banking has seen widespread adoption across India, it is still essential to evaluate how effectively banks are delivering these services and whether they align with customer needs. The study used a mixed-method approach, collecting quantitative/Numerical data on e-banking usage with qualitative insights from customers of leading Indian banks. The findings reveal a marked increase in e-banking usage, spurred by rising smartphone penetration and initiatives like Digital India. However, they also underscore the need for banks to invest in secure, user-friendly digital platforms while addressing challenges related to the digital divide. For e-banking to contribute to inclusive growth, collaboration between policymakers and banking institutions is vital.

The emerging driving force of inclusive green growth in Chinese cities: the role of digital intelligence

ABSTRACT Inclusive green growth (IGG) seeks to achieve balanced social, economic, and ecological development through equitable resource distribution. Digital intelligence offers novel methodological frameworks to advance IGG in urban contexts. However, the relationship linking digital intelligence to IGG remains under-explored in existing literature. Using panel data from 281 Chinese cities (2005–2021), our paper empirically examines the impact of digital intelligence on IGG. Results indicate that digital intelligence enhances cities’ IGG. This conclusion remains robust after a series of robustness tests. We find that digital intelligence promotes urban IGG through green innovation, industrial restructuring, and financial inclusion. Moreover, taking the ‘smart cities’ pilot policy as the starting point, a spatial difference-in-differences (SDID) model was used to analyse the policy effect. The results suggest that this policy not only enhances local IGG but also generates significant spillover effects on neighbouring cities. Our study offers novel empirical insights into the role of digital intelligence in advancing urban IGG.

Identification of Determinants of Inclusive Economic Growth Using the Metaheuristic Whale Optimization Algorithm Approach

Inclusive economic growth demands the identification of key factors that drive equitable improvements in regional welfare. However, the complex interrelationships among social, economic, and demographic variables make traditional approaches insufficient for handling high-dimensional data. This study introduces an innovative approach by combining the Whale Optimization Algorithm (WOA) for feature selection with a Random Forest Regressor model to predict Gross Regional Domestic Product (GRDP) per capita as the main indicator of regional prosperity. The dataset consists of 210 regional observations and 18 independent variables. Feature selection using WOA was guided by minimizing the mean squared error (MSE), resulting in the identification of the 8 most relevant features. The retrained Random Forest model on the selected features achieved a high prediction performance, with an R² value of 0.9938 and a low RMSE. Furthermore, GRDP values were categorized into three regional welfare classes (Low, Medium, High), and the classification yielded 97.92% accuracy with high precision, recall, and F1-scores across all classes. These findings demonstrate that combining metaheuristic optimization and machine learning enables efficient and accurate identification of the key determinants of inclusive economic growth. The results provide valuable insights for formulating more targeted regional development policies.

Human Capital Development in Developing Countries: A Comparative Bibliometric Analysis

This study presents a bibliometric analysis of research on human capital development in developing countries, utilizing data from the Scopus database and visualization tools from VOSviewer. By examining 1,842 scholarly publications from 2000 to 2024, the analysis identifies key themes, influential authors, collaboration patterns, and temporal trends in the literature. The findings highlight that “human capital” is closely interlinked with core concepts such as “economic development,” “education,” and “sustainable development,” reflecting its central role in the discourse on inclusive growth. Over time, research has expanded to encompass newer topics like “innovation,” “climate change,” and “foreign direct investment,” indicating a shift toward integrative and forward-looking frameworks. Co-authorship and country collaboration maps reveal a dominant role of developed nations, particularly the United States, but also an encouraging rise in contributions from emerging economies in Africa and Asia. While the literature is increasingly diversified and collaborative, gaps remain in gendered analysis, informal labor perspectives, and South–South knowledge production. This study underscores the need for more inclusive, interdisciplinary, and context-sensitive approaches to advance the human capital agenda in developing countries.

Student-Led Development of an Elective Course: Cultural Competency and Humility in Veterinary Medicine.

With the growth of veterinary medicine and acknowledgment of the lack of diversity in the profession, it is necessary to educate future generations on the importance and growth of diversity, equity, and inclusion. However, few courses in the veterinary curriculum address this need. To fulfill such a need for one U.S. veterinary program, a veterinary student was mentored by faculty and staff to develop an elective course focused on cultural competency and humility in veterinary medicine. Through self-directed learning to design a course aimed at advancing veterinary students' knowledge of diversity, equity, and inclusion, the student progressed his knowledge of the topic while also being exposed to the logistical aspects of course design and potential as a future educator. The resulting student-driven, flipped classroom strategy yielded a positive discussion-based learning experience for its first student cohort and goals for its growth as a professional education course.

Analysis of Sustainable Development Goals (2016–2030) and Their Integration into Tourism Activities in Lago Agrio Canton, Sucumbíos Province: SDG 9 (Industry, Innovation, and Infrastructure) and SDG 15 (Life on Land)

This study analyzes the integration of Sustainable Development Goals (SDGs) 9 (Industry, Innovation, and Infrastructure) and 15 (Life on Land) into the tourism development strategies of Lago Agrio Canton, Sucumbíos Province, Ecuador. The main objective is to assess how tourism can serve as a driver for sustainable infrastructure development, environmental conservation, and inclusive local growth, in alignment with the 2030 Agenda. A qualitative methodology was adopted, involving documentary analysis with exploratory and descriptive scopes. The sources included national development plans, regional policy frameworks, institutional reports, and the relevant academic literature. This study employed territorial indicators related to infrastructure quality, ecosystem protection, and stakeholder participation to evaluate SDG alignment. The results highlight that sustainable tourism practices—particularly those incorporating corporate social responsibility and environmental stewardship—can stimulate innovation and enhance resilience in underdeveloped territories. Wetlands and forested areas emerge as key natural assets with strong potential for ecological tourism and sustainable investment. The findings suggest that collaborative actions between the public and private sectors, guided by SDGs 9 and 15, can generate long-term benefits, including biodiversity preservation, improved service infrastructure, and economic inclusion for local communities. Overall, the research underscores the potential of sustainable tourism as a practical mechanism for localizing the SDGs in fragile yet high-value ecological regions.

Do Financial Inclusion, Regulatory Quality and Government Effectiveness Matter for Green Development? Evidence from New EU Countries

Nowadays, the world is facing climate change and environmental problems due to the increasing use of energy resources and environmental emissions. In order to promote green development, financial inclusion is an important factor in the development process. Therefore, this paper examines the effects of financial inclusion, regulatory quality, government effectiveness and economic growth on green development in the new EU countries for the period from 2004 to 2021. In order to obtain empirical results, the pooled mean group and mean group estimator have been employed to check the short-run and long-run effects on green development. The results show a strong relationship between the variables and CO2 emissions in the long run. The findings support that enhancing the level of financial inclusion and regulatory quality by 1% increases carbon emissions by around 0.3% and 0.4% in the long run. However, government effectiveness and economic growth have a negative effect on CO2 emissions in the long run, while in the short run economic growth has a positive effect on CO2 emissions. Based on the empirical results, policymakers should improve financial inclusion and reinforce stringent regulations to enhance green development.

TRANSFORMASI HIJAU: INOVASI PANGKALAN ELPIJI 3 KG MENJADI PUSAT ONE STOP SHOPPING SEMBAKO DI DESA SUNGSANG III

Sungsang III Village, located in Banyuasin 2 Subdistrict, is a coastal area where most residents work as traditional fishermen. Due to its remote geography and limited access to essential goods and household energy, the local community struggles to meet daily needs efficiently. The existing 3-kg LPG distribution point has primarily served as a source of subsidized energy, despite its potential to be developed into an integrated one stop shopping unit for basic necessities. This study aims to identify the current operational conditions and formulate appropriate development strategies to transform the LPG depot into a community-based economic service hub. The research adopts a qualitative descriptive method using SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis, supported by in-depth interviews, direct observations, and document analysis. The findings reveal key strengths such as a strategic location, established customer trust, and legal operational status. However, challenges include limited business capital, narrow workspace, and traditional management practices. Opportunities from BUMDes support, fisher cooperatives, and pro-local government policies create a favorable environment for collaborative development. Recommended strategies include maximizing internal resources, accessing microfinancing schemes, and involving local residents actively in operations. This transformation is expected to not only improve access to daily necessities for coastal communities but also stimulate inclusive and sustainable rural economic growth.

ІННОВАЦІЙНІ МОДЕЛІ УПРАВЛІННЯ ТА ЕКОНОМІЧНІ МЕХАНІЗМИ ВІДНОВЛЕННЯ ГОТЕЛЬНО-РЕСТОРАННОЇ ТА ТУРИСТИЧНОЇ ІНДУСТРІЇ У ПОСТКРИЗОВИЙ ПЕРІОД

This article explores key approaches to the economic revival of Ukraine’s hotel and restaurant business and tourism industry in the post-crisis reality shaped by the pandemic, full-scale war and global economic shifts. The focus is on identifying transformational processes in the hospitality and tourism sectors, which have undergone profound structural changes. The consequences of declining effective demand and reduced trust in the domestic market have become particularly evident, increasing the need to modernize management approaches and rethink industry development strategies. The scientific justification for transforming traditional management models is based on the application of innovative economic mechanisms, including the digitalization of services, the implementation of sustainable environmental practices, operational automation, and the use of Big Data for market analysis. Furthermore, strategic partnerships with governmental and international institutions are considered essential for ensuring the sustainability of the hospitality and tourism system. The article emphasizes the need to create a favorable environment for local entrepreneurship, stimulate investment activity and develop regional tourism clusters. An adaptive policy of state support – comprising fiscal incentives, grant programs, preferential lending, and institutional assistance – plays a vital role in industry recovery. Of particular significance is the author’s proposed model for restoring the hotel, restaurant and tourism sector, which is based on five key components: institutional, infrastructural, marketing, financial and investment and social. The integration of these elements generates a synergistic effect that contributes not only to activity stabilization but also to enhancing the competitiveness of hospitality and tourism entities at both regional and national levels. This approach opens new opportunities for inclusive economic growth, the preservation of cultural identity, and the sustainable development of tourist destinations in Ukraine.

Blueprint for Sustainability: Empowering Green Business under Viksit Bharat 2047

Businesses need to adjust to environmental, social, and economic concerns in a world that is changing quickly. By seeing the links between these problems and forecasting potential opportunities and hazards, the sustainability framework helps organizations manage this complexity. For businesses to succeed in the long run, sustainability must be incorporated into their strategies, even though it is sometimes seen as a wide and complicated topic. Achieving objectives without endangering the capacity of future generations to meet their needs is commonly referred to as sustainability, and it encompasses three essential dimensions: economic, social, and environmental. This concept, sometimes referred to as the "triple bottom line," highlights how important it is for companies to balance these factors in their operations. Within the Indian setting, the Viksit Bharat 2047 mission promotes environmentally and socially responsible business practices. The current study proceeds in a methodical and thorough manner, starting with a thorough examination of the fundamental ideas and theories pertaining to inclusive green growth, growth strategies, and company sustainability. The second section of the study, which explores the practical aspects of business practices at different scales—from multinational corporations (MNCs) to micro, small, and medium-sized companies (MSMEs)—is set up by this theoretical framework. It suggests customized approaches for every level of the company, guaranteeing flexibility, creativity, and durability in ever-changing economic landscapes. The study's third section offers three strong case studies of well-known Indian companies that have effectively put into practice scalable and reliable strategies in line with both national and international goals. These actual cases serve to illustrate successful implementation and encourage replication. Although this section is optional based on the reader's interest or area of application, the essay also discusses significant implementation-phase problems such workforce preparedness, technological adaption, and regulatory obstacles. Lastly, the study directly links the suggested tactics to India's national objective, Viksit Bharat 2047, and aligns them with the Sustainable Development Goals of the UN.

Strategic Roadmap for AI-Driven Sustainable Tourism Development in Indonesia: An Expert-Based MCDM Approach

While rich in cultural and natural assets, Indonesia's tourism sector faces substantial challenges in adopting digital technologies, particularly artificial intelligence (AI). The persistent digital divide between more developed and remote regions within Indonesia and limited AI readiness among tourism micro, small, and medium enterprises (MSMEs) hampers the sector's inclusive and sustainable growth potential. This study aims to identify and prioritize strategic directions for AI-driven tourism development in Indonesia by employing an expert panel method integrated with the Analytic Hierarchy Process (AHP). In 2025, this study was carried out in various provinces across Indonesia. Through structured pairwise comparisons, the research analyses expert judgments to rank five core strategies: strengthening digital infrastructure, enhancing AI literacy for MSMEs, developing an integrated national AI tourism platform, formulating ethical and data governance frameworks, and promoting sustainable AI utilization. The results revealed that digital infrastructure development is the most critical enabler, followed by capacity building for MSMEs. These two priorities form the foundational basis upon which other strategies depend. The study concludes that a phased and inclusive approach to AI integration is essential, supported by targeted investments, regulatory clarity, and cross-sector collaboration. It recommends a national policy roadmap that ensures AI technologies serve economic objectives and the goals of community empowerment and environmental preservation, positioning Indonesia as a regional leader in sustainable, AI-powered tourism development.

Financial Deepening and Shadow Economy Transformation in Belt and Road Economies: Pathways to Inclusive Growth

The purpose of this paper is to examine the direction of the connection between financial deepening (FD) and shadow economy in Belt and Road Initiative economies (BRI). The financial deepening is captured via the comprehensive financial development index based on the depth, access, and efficiency of financial institutions. Whereas, the shadow economy is measured via the informal economy. The finding reveals the strong negative impact of inclusive financial development on the shadow economy in BRI countries. The results are consistent across the alternative proxies of financial deepening. These outcomes enrich modernization and inclusion theories and offer recommendations for legislatures who wish to advance the formal structured economic action and decrease informal employment, tax evasion, and unauthorized businesses in BRI countries.

FINTECH DEVELOPMENT: INTERNATIONAL EXPERIENCES AND LESSONS FOR MALAYSIA

The rapid evolution of financial technology (Fintech) highlights its potential as a highly attractive sector for investors and a key driver toward achieving financial inclusion in countries like Vietnam. Despite its promise, the sector faces significant challenges, including regulatory frameworks, access to capital, market readiness, and customer engagement strategies. The aim of this article is to explore how international Fintech experiences can provide strategic insights for developing a resilient and inclusive financial technology ecosystem in Malaysia. The study employs a qualitative comparative methodology combined with strategic policy analysis, emphasizing the translation of global models into locally appropriate recommendations. These include enhancing legal and regulatory frameworks, fostering institutional and governmental support for startups, attracting global investment capital, and cultivating human capital tailored to the demands of a digital finance economy. This paper examines the Fintech development experiences of China, the United Kingdom, Japan, and Singapore, aiming to draw practical lessons for emerging economies such as Vietnam and, by extension, Malaysia. Based on these international insights, the study proposes four key policy directions to foster Fintech development: (i) enhancing the legal and regulatory framework while continuously optimizing the policy environment; (ii) strengthening support for Fintech companies; (iii) attracting global investors; and (iv) prioritizing the development of human capital for tech-based financial services. These recommendations provide a foundation for policymakers and stakeholders to develop a robust Fintech ecosystem in Malaysia. The practical value of the research lies in its strategic alignment of international innovation models with Malaysia’s national priorities, enabling policymakers and stakeholders to design forward-looking frameworks that support inclusive growth, cross-border collaboration, and digital economic resilience.