Article Title

The Role of Financial Markets in Achieving Sustainable Development

Authors

Saad Hassan Ali, Iraqi University, Iraq
Atheer Abbas Abadi, Iraqi University, Iraq
Adil Mansoor Fadhil, Iraqi University, Iraq

Document Type

Original Study

Abstract

Funding is a major challenge for sustainable development. The aforementioned development issues represent serious challenges facing countries all over the world, albeit to varying degrees, which makes them a national affair that requires a local partnership between various national governmental and private agencies, and a global affair that requires a global partnership to achieve. The financing of the sustainable development goals at the global level, with its target year of 2030, reaches huge amounts, with it reaching several trillions annually between government investment spending and aid, which makes the provision of adequate and sufficient sustainable financing the main nerve for the success of sustainable development, in this particular aspect, the importance of the financial markets emerges because of their great financing capacity, and we will not exaggerate if we refer to a decisive role for them in this regard, especially since the problems facing private and public economic development projects are generally summarized in the lack of sufficient capital to finance them for several reasons, including: Scarcity of resources or lack of means and tools to collect the necessary financial resources or exploit them in marginal activities that may not serve the development process much. In order to overcome the problem, many countries have embarked on structural transformations in their economies that have joined together to change their entire economic philosophy and adopt a new philosophy based on several directions leading to liberating economic and service activities from restrictions, mobilizing savings and transferring them towards various investment channels that support the national economy, in addition to increasing the allocation of resources and increasing the volume of investments. Diversity supports the national economy, in addition to increasing the accuracy of resource allocation and increasing the volume of investments.

Recommended Citation

Ali, Saad Hassan; Abadi, Atheer Abbas; and Fadhil, Adil Mansoor (2022) "The Role of Financial Markets in Achieving Sustainable Development," Journal of STEPS for Humanities and Social Sciences: Vol. 1 : Iss. 2 , Article 14.
Available at: https://doi.org/10.55384/2790-4237.1024