Abstract

The purpose of the study is to determine the relationship between the economic well-being of countries and their openness to external markets. The scientific novelty consists in the comparison of two groups of countries with different characteristics and identifying specific patterns of the impact of selected macroeconomic factors on GDP. The article presents an econometric analysis and contains regression equations for each state. Interpretation of the coefficients of the derived models makes it possible to estimate changes in GDP with the change of indicators. As a result, it was revealed that export is the most stable and strongly influencing the economy of all countries macroeconomic factor, and the strength of influence depends on the level of development of the country. The stability of GDP in developing countries is largely achieved through the regulation of internal factors, and in developed countries through exports regulation.