What's the importance of financial institutions in economic Development?​

Financial markets play a critical role in the accumulation of capital and the production of goods and services. ... In addition, efficient financial markets and institutions tend to lower search and transactions costs in the economy.

Explanation:

Businesses and industries are financed by the financial systems which lead to growth in employment and in turn increase economic activity and domestic trade. Financial intermediaries help improve investment efficiency, leading to higher economic growth.

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