I had a professorship dissertation on this topic. The text in Russian. The influence of socio-cultural standards on the economy is exceptionally strong.

Thesis Spatio-temporal dynamics of the processes of socio-cultural ...

Dear Dmitry Nikolaenko , thanks for sharing your work. Russian is fine for me, I will certainly read it.

Exactly Rabin Thapa . Currently, I'm exploring the empirical literature concerned specifically on the effects of socio-cultural factors in the economic development of developing, transition, and developed economies separately; growth models that incorporate socio-cultural aspects.

I support @ Sovit Parajuli

Good question Dr. Davit.

Interested in knowing the answer.

culture no doubt plays a role in development, but we have to watch our own biases as we seek to understand why some countries succeed and others fail.

Literature is divided over it. First Max Weber linked that culture is an important factor for economic development, and he found how protestant ethics developed capitalism and made progress than the Catholic. He also explained that other ethics/religions do not have such ethics toward capitalism (as development). But, later, many countries beyond the protestants became developed. Presently, Asia is leading to economic development. In the beginning, these concepts seemed to be sound. Presently if anybody tackles technology, investment, and resources pragmatically, they can lead to the development, culture may be less concerned.

Hope, Weber’s book, and the present development scenario provide more understanding of your question.

For detail, Max Weber’s The Protestant ethic and the "spirit" of capitalism and other writings. Penguin. ISBN 978-0-14-043921-2.

I support @ Sovit Parajuli

In some countries, i prefer not to specify, do not hire people of particular culture who hold particular religious belief which is quite observable in their clothing. The segregation is also tied up to race, skin color, and social status or country that they are originated from. Professional qualifications must be the main criterion if we want to develop economy.

I agree with Sovit Parajuli

Regarding your point dear Nawel Bengrait ("The segregation is also tied up to a race, skin color, and social status or country that they are originated from"), "person" who is discriminating others according to race, skin color, sex, country of origin, etc. is (I think) unbelievably pathetic and ignorant. Unfortunately, these issues are quite common.

100% agree with you regarding "Professional qualifications must be (ONE OF) the main criterion if we want to develop the economy". In this context, I support meritocracy to some extent, but due to the existence of the "person" described above, I found it useful to have racial/gender quotas, affirmative action, and some other relative concepts as well.

"In some countries, I prefer not to specify" - we don't need to specify, I think it's worse pandemic than COVID-19 (can be found everywhere).

Dear Dmytro Leshchenko , I agree (if I understand you correctly): Asymmetric distribution of benefits from the same economic development policies in different countries can be linked to "own biases" (mentioned by you). In this context, culture can be also seen as a constraint to some extent; it can distort the implementation of successful economic practices taken from other countries.

@Davit Belkania

There is no question that culture plays a role in growth, but we need to look through our own prejudices as we attempt to analyze why some states thrive or that lose.

The relation between both items are zero because in my opinion economic development depends on think of people or knowledge not other factor when some people do it some thing new for economic for example agricultural or industrial fields develope that are separetly from socio-cultural factors

I support Mr.Sovit.

https://study.com/academy/lesson/sociocultural-factors-impacting-economic-development.html

I think that the main channel that cultural factors affect economic development operates through institutions. By determining the form and effectiveness of both formal and informal institutions, cultural habits/traditions exert a significant impact on the level and way of economic activities, which in turn, specify the level of productivity and efficiency in resource allocation. For that reason, I consider that they are one of the key determinants of cross-country differences in economic performance.

You can take a look at a paper I've published on the topic. More info on my profile page.