The financial sector plays a crucial role in economic growth by attracting deposits, providing loans, and directing funds into productive sectors. It helps mobilize savings, allocate resources efficiently, and increase overall productivity. The impact of the financial sector on economic growth varies depending on factors like time frames, countries, and variables used. Generally, developing countries benefit more from financial development compared to developed countries. New methodologies and proxies like the Financial index can provide more advanced insights into this relationship. Despite the traditional belief that the financial sector promotes economic growth, empirical evidence lacks consensus on this matter.