This study, prepared by the National Bank of Tajikistan, examines the relationship between financial inclusion and economic growth across 70 member countries of the Alliance for Financial Inclusion from 2004–2023, with a particular focus on Tajikistan.

Using a comprehensive financial inclusion index and advanced econometric analysis, the study highlights how greater financial inclusion can support sustainable economic growth, strengthen long-run economic stability, and enhance development outcomes in emerging economies. Published as a public good contribution, the paper adds to the growing knowledge base on the complementarity between financial inclusion, financial stability and economic growth.