Fintech, Financial Development, and Digitalization Derive the Sustainable Economic Recovery: COVID 19 Pandemic and Post Pandemic Perspectives

Abstract

Economic recovery has become a hot topic after the emergence of the COVID-19 pandemic, where financial, digital, and natural resources are important aspects to consider for economic revival. The study explores the impact of Fintech, Financial development, digitalization, and natural resource rents on economic recovery from 2019 to 2023 from the perspective of BRICS economies. The potential importance of financial technology, development, digitalization and natural resources during COVID-19 motivate the authors to explore their importance for economic sustainability. With appropriate econometric models, the study observes that all the independent variables are the main drivers of economic recovery during and after the COVID-19 era. A bi-directional causal connectivity is observed between explanatory and outcome variables. The findings suggest that the BRICS economies should take preventive measures to avoid the volatility of natural resources and actively promote Fintech, Financial development, and digitalized activities to achieve economic goals.