Advancing SDG 3 in Emerging Economies: The Role of Financial Development and Macroeconomic Stability in Health Outcomes Across the E7

ABSTRACT Achieving sustainable development requires not only economic growth but also resilient and inclusive health systems, as emphasized under Sustainable Development Goal 3 (SDG 3). This study analyzes the relationship between financial development, macroeconomic stability, and public health outcomes in the E7 economies China, India, Brazil, Mexico, Russia, Indonesia, and Turkey—over the period 1990–2023. Financial development is measured through Domestic Credit to the Private Sector (DCPS) and Foreign Direct Investment (FDI), while macroeconomic stability is captured by inflation (INF). Public health outcomes are assessed using life expectancy (LE), immunization (IMM) coverage, the elderly population (POP65) share, and hospital beds (HBEDS) per 1000 people. Descriptive statistics and correlation analysis are employed to examine cross‐country trends. The findings reveal that financial deepening and FDI inflows are generally associated with improvements in LE, IMM coverage, and healthcare access, whereas inflation consistently undermines health outcomes. China and India demonstrate rapid financial expansion supporting health gains but continue to face healthcare infrastructure constraints. Brazil and Turkey benefit from financial inflows, though persistent inflation limits progress. Mexico shows steady improvements across financial and health indicators, while Russia records strong post‐transition health gains. Indonesia achieves notable advances in IMM and LE but remains constrained by limited healthcare capacity. Overall, the results indicate that financial development alone is insufficient to improve public health without macroeconomic stability and targeted healthcare investment, highlighting the need for integrated policy approaches to advance SDG 3.