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Economic Growth and Sustainable Development: The Role of Financial Inclusion, FinTech, Eco‐Innovation, and Economic Complexity

Author

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  • Xing Zhao
  • Sara Muhammadullah
  • Emad Kazemzadeh
  • Ioannis Kostakis
  • Sudeshna Ghosh
  • Buhari Doğan

Abstract

The study examines the nonlinear relationships between sustainable and financial development metrics, including eco‐innovation, process eco‐innovation, financial development, financial inclusion, FinTech, economic complexity, and economic growth, across eight developing countries from 2000 to 2023. Empirically, it employs quantile‐on‐quantile regression and wavelet‐quantile analysis to demonstrate that economic complexity enhances economic outcomes at elevated quantiles while diminishing equity at lower levels. While financial development can lead to green investment, it also presents potential environmental hazards if not properly regulated and can impact economic growth. Financial inclusion and FinTech are driven by sustainability but rely on economic conditions and infrastructure. Eco‐innovation and process eco‐innovation are crucial for long‐term economic growth; however, their financing poses a significant challenge. Proposed policy measures highlight the importance of enhancing economic complexity, embedding green finance, scaling FinTech, and strengthening international collaboration.

Suggested Citation

  • Xing Zhao & Sara Muhammadullah & Emad Kazemzadeh & Ioannis Kostakis & Sudeshna Ghosh & Buhari Doğan, 2026. "Economic Growth and Sustainable Development: The Role of Financial Inclusion, FinTech, Eco‐Innovation, and Economic Complexity," Sustainable Development, John Wiley & Sons, Ltd., vol. 34(S2), pages 1233-1258, March.
    • Handle: RePEc:wly:sustdv:v:34:y:2026:i:s2:p:1233-1258
    DOI: 10.1002/sd.70322
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