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The openness of the economy and its intensive involvement in international trade and economic flows has an important role in stimulating economic growth and development of a national economy. The aim of the research is to determine the degree of impact and effects of exports, imports and foreign direct investment (FDI) on economic growth. The applied research methodology is a panel regression analysis on the example of six countries in the Western Balkans region in the period from 2000 to 2018. Three hypotheses were tested in this paper. H1: Exports have a positive effect on economic growth; H2: Imports contribute to GDP growth; H3: FDI has a positive impact on economic growth. The results show that all three variables have a positive, statistically significant impact on GDP. The greatest effect on economic growth in the analyzed sample has exports, which implies the conclusion of the inevitability of more intensive participation of these economies in international trade flows.

Openness of the economy as a determinant of economic growth: The panel analysis of the Western Balkans region countries