Based on the data of the Financial Development Index and GDP per capita of the 20 countries given in the table below, critically discuss the relationship between financial development (both financial institutions and markets) and economic performance of countries, and the rationales on which you draw the conclusion. Using examples or other evidence where appropriate. Country Finanical Development Index (0-1) GDP per capita (USS 1.00) Switzerland 0.94 17926 Australia 0.91 12353 United States 0.88 12702 United Kingdom 0.88 10428 Canada 0.85 10733 Japan 0.83 9739 Korea 0.82 6054 Sweden 0.77 12715 Hong Kong 0.75 8899 Singapore 0.73 1 1466 Malaysia 0.63 2146 Thailand 0.63 1228 Brazil 0.57 2114 China 0.54 1279 Russia 0.5 2527 Chile 0.49 2924 Czech Republic 0.44 4468 India 0.43 313 Egypt 0.34 604 Morocco 0.33 675 Note: The Financial Development Index is constructed by the IMF. It summarizes how developed financial institutions and markets are in terms of their depth (size and liquidity), access (ability of individuals and companies to access to financial services), and efficiency (ability of institutions to provide financial services at low cost and with sustainable revenues and the level of activity of capital markets). The value of the Index ranges from 0 to 1, of which a high index value refers to a high level of development in financial institutions and markets. The data of the Financial Development Index and GDP per capita given in the table are the quarter-average in the period of 2002 to 2019