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In this paper, we investigate impact of inward and outward foreign direct investment on economic growth in developing economies over time period 2005-2014 annually. From 2005-2014, had inward and outward foreign direct investment had significant long-term effects on economic growth in developing countries. In this paper, we have used a different approach to examine the impact of FDI outflows and inflows on economic growth using Ordinary Least Squares (OLS) and Generalized Method of Moments (GMM) on the basis of macroeconomics panel data in developing economies over time span 2005-2014 annually. Our findings are as follows: (1) there is positive and significant impact of foreign direct investment outflows and inflows on economic growth in the long run among developing economies and (2) The positive and significant effects of FDI inflows and outflows on economic growth are highly robust by applying different econometric techniques (3) From our econometric results, we infer that control variables play significant role in defining exact relationship between inward FDI, outward FDI and economic growth. The control variables should be relevant and related with the econometric model to derive accurate relationship between inward FDI, outward FDI and economic growth.

THE LONG-RUN EFFECT OF INWARD AND OUTWARD FOREIGN DIRECT INVESTMENT ON ECONOMIC GROWTH: EVIDENCE FROM DEVELOPING ECONOMIES