Countries with better FinTech development saw greater GDP resilience, employment during Covid-19: report
Using GDP growth and unemployment rate as measures for economic resilience, the study found that countries and regions with more advanced FinTech development experienced a faster rebound in GDP growth rate and recorded stronger employment recovery during the pandemic.
- Using GDP growth and unemployment rate as measures for economic resilience, the study found that countries and regions with more advanced FinTech development experienced a faster rebound in GDP growth rate and recorded stronger employment recovery during the pandemic.
- The study weighed FinTech development against a total of 17 factors covering a countrys economic, social, political, and healthcare indicators.
- The results showed that FinTech had a strong positive impact on GDP growth across all countries surveyed.
- As a result, Covid-19 has fundamentally reshaped consumption habits and accelerated the development of the digital economy, the study stated.