The Impact of Fiscal Policy on Economic Growth: A Comparative Analysis of Developed and Developing Economies
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Abstract
The effect of fiscal policy on economic growth by looking at how developed and growing economies are similar and different. Fiscal policy, which includes taxes and government spending, has a big impact on the growth and security of the economy as a whole. We looked at panel data from 2000 to 2023 to see how different fiscal policy measures, like government spending, taxes, and public debt, affected economic growth in a group of emerging and developed countries. To look at the short- and long-term effects, the study uses econometric modeling that considers things like the quality of the institutions, budget discipline, and shocks from outside the country. In both groups, expansionary fiscal policies tend to boost growth in the short term, but the long-term benefits are different. Strong institutions in developed economies make results more predictable, while in developing economies problems like wasteful resource allocation and budget deficits make things harder. the need for better fiscal governance in developing areas and how important it is to have customized fiscal strategies to support long-term economic growth.
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