Question
How do GFCs contribute to global economic growth?
Solution
Global financial centres are cities or regions that are the primary locations for financial activity in the world. They play a critical role in global economic growth and development, as they serve as hubs for capital, investment, and innovation. These centers are crucial to the global economy as they attract capital, facilitate investment, and enable businesses and individuals to access capital markets. The rise of global financial centers has been driven by factors such as globalization, technological advances, and the deregulation of financial markets.
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