This study investigates the joint impact of industrialization and foreign direct investment (FDI) on the economic growth of Asian countries, using panel data from 1995 to 2021 (27 years) covering 45 Asian countries. In this study, panel unit root tests, descriptive statistics, multicollinearity, and other per-estimation and post-estimations have been carried out. Indeed, the main finding of this study is mainly on fixed effect regression with robust option. To overcome the issue of endogenity which may not be handled by POLS, RE and FE, this study used the two-system GMM. Furthermore, the study robustness checks were also employed to strength the main finding of the study. The findings of this study contribute to the growing literature on FDI and provide more compressive conclusions and recommendations on the joint impact of industrialization and FDI on economic growth, particularly in the context of Asian countries.
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