This paper aims to evaluate what effect globalisation has on economic growth of developing countries. Globalisation is measured by economic, political and social dimensions of KOF Globalisation index, also the overall globalisation score of the same index. In cases of economic and overall globalisation, trade balance was considered. Empirical analysis was done using two-step system GMM model. The results show that overall globalisation has immediate negative impact on growth, while economic dimension of globalisation has a negative impact in a short run, but a positive impact on economic growth in the long run.

The paper aims to compare different measurements of openness and calculate what impact economics openness has on economic growth. Economic openness is measured by using: KAOPEN index; tariffs; and trade ratio. The methods of comparative, statistical and econometric analysis were used in this paper. The results of this study confirmed that economic openness has an impact on the country’s economic growth. The study found that all three ways of measuring economic openness reveal only part of the concept of economic openness.