Revisiting Economic Growth and Trade Openness: An Empirical Analysis of Major Trading Nations


  • Ram Singh Indian Institute of Foreign Trade
  • Areej Aftab University of Dubai



Trade, Economic Growth, Investment, Panel Data, Exports, Imports


This paper considers 15 major trading nations from 1996-2018 to assess the relationship between economic growth and trade. This relationship has been governed by the nature of exports as well as the stage of development of a nation. In the present paper key macro-economic variables as identified from literature, including scale of foreign direct investment, domestic investment, exchange rates and labour productivity. The study provides unique insights as it indicates a positive relationship of all variables vis a vis economic growth of the countries except foreign direct investment. Granger causality test however indicates growth causes exports, FDI, and trade. Furthermore, there exists a bi-directional causality between labour productivity and growth as well as imports and growth. Therefore, the findings of this paper provide a reference for future economic planning and policy formulation of the selected countries.

Author Biographies

Ram Singh, Indian Institute of Foreign Trade

Dr. Ram Singh is Professor at IIFT with over 20 years of teaching experience. He specializes in both training and research in areas such as EXIM procedure, trade policy and trade logistics. He is an author of text books as well as a number of research papers.  Dr. Singh has worked on projects on implications of Trade related aspects for various government and private organisations.

Areej Aftab, University of Dubai

Dr. Areej Aftab Siddiqui is a faculty of International Trade and Business since 2009. She has an interest in International Trade Regulations, Global Sourcing, Trade Facilitation, Emerging Economies, Foreign Direct Investment and Trade Agreements. Dr. Areej has worked on projects on implications of Trade related aspects for various government and private organisations. She is presently associated with Dubai Business School, University of Dubai.


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How to Cite

Singh, R., & Aftab, A. (2023). Revisiting Economic Growth and Trade Openness: An Empirical Analysis of Major Trading Nations. Journal of Comparative International Management, 26(1), 123–139.



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