مجلة التنمية الاقتصادية
Volume 11, Numéro 1, Pages 270-284
2026-06-30
Digitalization, Financial Development, And Economic Growth In Emerging Economies: Evidence From Panel Data Analysis
Authors : Gharbi Omar Farouk .
Abstract
This study investigates the relationship between digitalization, financial development, and economic growth in emerging economies. Using a balanced panel dataset covering 40 countries over the period 2005–2023, the analysis employs panel data econometric techniques to examine the effects of internet penetration, private sector credit, investment, trade openness, and inflation on GDP growth. The empirical results indicate that digitalization, proxied by internet penetration, shows a statistically significant but negative relationship with economic growth, suggesting that the benefits of digital adoption may depend on complementary factors such as institutional quality and digital skills. Financial development exhibits a weak negative association with growth, indicating potential inefficiencies in credit allocation. In contrast, traditional macroeconomic variables—investment, trade openness, and inflation—display limited explanatory power within the estimated models. These findings highlight the importance of improving digital infrastructure, strengthening financial intermediation, and enhancing institutional frameworks to ensure that technological and financial advancements translate into sustainable economic growth
Keywords
Digitalization ; Economic Growth ; Financial Development ; Panel Data ; Emerging Economies
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