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Somebody answer how does financial services eg banking contribute to the economy?

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Answer:

Banks play an important role in the economy by offering a service for people wishing to save. Banks also play an important role in offering finance to businesses that wish to invest and expand. These loans and business investment are important for enabling economic growth.

The financial services sector is the primary driver of a nation's economy. It provides the free flow of capital and liquidity in the marketplace. When the sector is strong, the economy grows, and companies in this industry are better able to manage risk.

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