PANEL DATA ANALYSIS OF RELATIONSHIP BETWEEN ECONOMIC GROWTH, FOREIGN DIRECT INVESTMENT, EXCHANGE RATE AND TRADE OPENNESS IN NEWLY INDUSTRIALIZED COUNTRIES

This study examines the effects of foreign direct investment, gross fixed capital formation, real exchange rate, and trade openness on economic growth in newly industrialized countries for 1982 2019 by using panel ARDL method. Before estimating ARDL, we tested existence cross-sectional dependence among countries, determining degree integrations variables second-generation unit root tests examining cointegration variables. Finally, carry out Dumitreuscu Hurlin causality test to determine direction causal relationship between The results indicate a positive long-run FDI, formation negative with openness. study's findings have significant implications industrial policies that these should adopt reach developed countries.