摘要：Foreign direct investment (FDI) as a driver of growth is important in today’s globalizedeconomy. It is extremely difficult for economies to grow sustainably without economic interactionsoutside their borders. However, there has been a debate on the impact of FDI inflow on economicexpansion. Hence, this study investigated the influence of FDI on economic growth for a selection of200 economies around the world for the period 1990–2018. We subdivided the sample into WorldBank income group clusters to aid comparison across income blocs. The study employed panelestimation techniques including pooled ordinary least squares (POLS), dynamic panel estimationwith fixed-effects and random-effects and generalized method of moments (GMM). The study foundthat FDI, debt stock and official development assistance are promoters of growth in the selectedcountries—although debt stock weakly impacts economic growth. In contrast, trade openness andexchangerateshadamixed(negativeandpositive)influenceoneconomicgrowth. Thestudysuggeststhat the creation of a conducive business environment and economic policies will attract FDI inflows.Additionally, borrowing from external sources could be minimized despite its perceived positiveinfluence on growth to achieve financial independence.
关键词：economic growth; external debts; foreign direct investment; official development assistance; trade openness
