Impact of Financial Inclusion on Economic Growth and Unemployment

Evidence from Southeast Asian Countries


  • Dradjad H Wibowo Perbanas Institute
  • Yulia Estri Mardani Perbanas Institute
  • Muhammad Iqbal Perbanas Institute



Financial Inclusion, GDP per capita, Unemployment, Southeast Asian countries


In the past decade, Southeast Asia has seen the development of financial inclusion, as evidenced by the growth of the penetration, availability, and usage dimensions of financial inclusion. This study analyses the impact financial inclusion has on economic growth, represented by GDP per capita growth, and unemployment using data from Indonesia, Malaysia, Thailand, the Philippines, and Cambodia. The authors employed panel data regression with fixed effect and random effect models to analyse the data. The results show that the number of commercial bank branches and outstanding loans statistically significantly affect GDP per capita growth, while the number of saving/deposit accounts does not. All three variables are shown to have a statistically significant impact on unemployment.


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Author Biographies

Yulia Estri Mardani, Perbanas Institute

Management Department, Faculty of Economics and Business, Perbanas Institute, Indonesia

Muhammad Iqbal, Perbanas Institute

Islamic Economics Department, Faculty of Economics and Business, Perbanas Institute, Indonesia


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How to Cite

Wibowo, D. H., Mardani, Y. E., & Iqbal, M. (2023). Impact of Financial Inclusion on Economic Growth and Unemployment: Evidence from Southeast Asian Countries . International Journal of Finance & Banking Studies (2147-4486), 12(2), 55–66.