Role of Infrastructure, Financial Development, and Urban Population in Determining Economic Growth: An Analysis in Asian Countries

Abstract

The purpose of this study is to look into the role of infrastructure, financial development (FD), and urban population (UP) in the economic growth (GDP) of a few Asian countries. The research used panel data methodology, using time spans from 2003 to 2019. GDP is used as the dependent variable, and the education index, health index, financial development, and urban population are used as independent variables in this study. The authors have used the random effect technique to highlight the role of infrastructure and financial development in the growth potential of Asian economies. The study findings indicated that health and education, and financial development with urban population have enhanced economic growth in these selected Asian countries. It is suggested that Government must play a major role in enhancing more and free-of-cost education in society and must focus on improving the infrastructure of society for further growth and development.