Financial technology, sustainable dimensions, and economic growth of the developing countries: Evidence from the Middle East countries

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Abstract

It is crucial to understand the financial technology (FinTech) dimensions’ impact on financial system stability (AlBaker, 2024). Though FinTech can bring about positive changes, it also introduces new risks (Imeraj et al., 2025). Thus, investigating its influence allows for the development of measures to ensure the constancy and resilience of the financial systems (Jones & Maynard, 2023). As Middle Eastern countries continue to invest in digital infrastructure, education, and innovation, technology’s role in driving economic growth may become increasingly significant in the future. Therefore, this study examines the effect of FinTech dimensions on the economic growth (through gross domestic product [GDP]) in the Middle East context. Utilizing yearly panel data from 2000 to 2021 for 12 Middle Eastern countries, the results revealed that the FinTech dimensions (such as information and communication technology [ICT] goods exports, fixed broadband subscriptions, and labor force participation rate) have a significant positive impact on economic growth in the Middle East. While there is a significant negative relationship between ICT goods imports and inflation with economic growth, individuals using the Internet, mobile cellular subscriptions, and population are found to have an insignificant effect on economic growth. This study provides valuable insights for policymakers, businesses, and researchers. FinTech has some challenges, but there are always potential Solutions. Various solutions and recommendations for the future have been included.

Keywords: FinTech, Economic Growth, GDP, ICT Goods Exports, ICT Goods Imports, Jordan, Middle East

Authors’ individual contribution: Conceptualization — H.K.Q., J.I., and A.A.M.Q; Methodology — H.K.Q.; Investigation — H.K.Q. and B.N.Z.; Resources — H.K.Q. and J.I.; Writing — Original Draft — H.K.Q., J.I., A.A.M.Q., and B.N.Z.; Review & Editing — H.K.Q.; Supervision — H.K.Q., J.I., A.A.M.Q., and B.N.Z.

Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

JEL Classification: F43, F65, G18, O11, P24, P35

Received: 28.04.2025
Revised: 31.07.2025; 14.08.2025; 10.11.2025
Accepted: 01.12.2025
Published online: 03.12.2025

How to cite this paper: Qawqzeh, H. K., Irshoud, J., Qadorah, A. A. M., & Zureigat, B. N. (2025). Financial technology, sustainable dimensions, and economic growth of the developing countries: Evidence from the Middle East countries. Corporate Governance and Sustainability Review, 9(4), 125–134. https://doi.org/10.22495/cgsrv9i4p11