Religion has a significant impact on socioeconomic growth, both positively and
negatively. It can help to foster moral and ethical underpinnings such as work ethics,
charity, social welfare, social capital, conflict resolution, education, human capital,
economic behaviour, and ethical business practices. Religious institutions may
provide a sense of community and social capital while simultaneously advancing
knowledge and creativity. Religious traditions, such as Islamic finance, which avoids
interest and ethical business practices, can impact economic behaviour. Religious
organisations like those the Catholic Church, Islamic charities, and Buddhist
organisations all impact international charity and development. These organisations
provide humanitarian help, construct infrastructure, and promote social initiatives
aimed at alleviating poverty and improving healthcare in underdeveloped countries.
Sometimes, religion is called the dancing partner of development agencies and
organisations which are working to achieve sustainable development goals. However,
religious beliefs and practices can potentially prevent or hinder social and economic
development, deeply intertwined with conflicts and unrest, sustaining disparities and
increasing social inequality.