This study aims to analyze the effect of financial development on economic growth high-income countries. To support the results of this study, the variables used are financial development from the institutional and market side, as well savings and investment. Through the panel data method using the fixed effects model (FEM) approach. The results of study show that financial development has an effect on economic growth high-income countries. This research emphasizes that financial development can encourage economic growth for countries that focus on building a strong financial sector by mobilizing capital, which is a necessity for economic activity. Especially from the perspective of financial institutions and markets, financial development must become the basis for formulating policies so that it will have an impact on the absorption and distribution of financial resources and become an important factor in driving economic growth. In addition, savings and investment are channels to meet the needs of financial resources and must be maintained so that they can contribute to economic growth. With these results, the governments of high-income countries can strengthen policy in the financial sector so that it becomes the foundation for economic growth.

Based on Presidential Regulation Number 63 of 2020, there is still one underdeveloped area in West Sumatera Province, namely the Kepulauan Mentawai Regency. This study aims to find and analyze the common leading sector in underdeveloped areas in West Sumatera Province. The criteria for the leading sectors in this study are placed in Quadrant I based on Klassen Typology, have a location quotient (LQ) value > 1, the sum of the proportional shift and differential shift is positive according to the shift-share method, the growth ratio of the reference area (GRRA) and the growth ratio of the study area (GRSA) are positive according to the growth ratio method (GRM), and the LQ and GRSA values are positive according to the overlay method. Based on the Klassen Typology method, two leading sectors were identified, the LQ method showed three leading sectors, the shift-share method identified 10 sectors, the GRM showed five leading sectors, and the overlay method identified four leading sectors. Construction was the leading sector that was found by all five methods. The regional government of the Kepulauan Mentawai Regency must commit to developing this sector in the future as a mainstay leading sector in the economic development of the region.

This study analyzes the influence of information and communication technology (ICT) and financial developments on the economic growth in high-income countries. This research uses the panel data regression method with a random effects model (REM) approach. The data were sourced from the World Bank and the International Telecommunication Union publications from 2001–2020. The results show that ICT (fixed telephone subscriptions, mobile/cellular telephone subscriptions, internet users and fixed broadband subscriptions) had no significant effect on economic growth. On the other hand, financial development (domestic credit to the private sector and stock market capitalization) had a significant effect on economic growth. Thus, indicators of financial development are better at promoting economic growth in high-income countries. Domestic credit to the private sector has a greater influence on economic growth compared to stock market capitalization. The research implications show that it is necessary to increase the contribution of financial development, such as facilitating access to credit to the real sector and increasing access to the capital market for economic actors to increase economic growth.

The purpose of this study will be to analyze financial development on economic growth high-income countries. This study uses the panel data with a fixed effect model approach. Data is secondary data starting from 1998-2019 sourced from the World Bank. The results showed that, domestic credit to private sector had a not significant effect on economic growth high-income countries, bank overhead costs had a not significant effect on economic growth high-income countries, net interest margin had a not significant effect on economic growth high-income countries, non-interest income has a significant effect on economic growth high-income countries, gross domestic savings has a significant effect on economic growth high-income countries.