FINANCIAL DEVELOPMENT, INSTITUTIONAL QUALITY & POVERTY ALLEVIATION: EVIDENCE FROM DEVELOPING WORLD AND CASE STUDY OF PAKISTAN

Abstract

A country’s development and stable standing in the world are directly proportional to its financial condition, the quality of its institutions, and poverty mitigation. A financially strong state with top-notch institutions and eradicated poverty has a good economic position which ultimately leads to the overall development of the state. This research paper comparatively highlights how the developed nation Republic of Korea (South Korea) and the developing nations (Bangladesh and Pakistan) are similar and different in terms of their developmental and economic sectors and how these sectors contribute towards eliminating poverty or increasing the gap between the rich and the poor of the state. The research has been conducted through the thorough analysis of the secondary data and resources available online on these three countries with a special focus on the sectors of education, health, industries, entrepreneurship, policymaking, unequal distribution, and climate change. As a result, the research paper concludes that South Korea has become a developed economy quite rapidly. Moreover, this research sheds light on the roadmap that can be adopted by comparative analysis of the three states for making Pakistan a country with a good global standing moving forward.