Abstract:

The more globalization is spread over the world, the more the countries are associated with the liberalization of their economies. As the years pass by, the rate of international trades and investments are increasing owing to the excessive number of global companies with which also the governments have strong relationships. In 1997 four pro-western post-Soviet states (Georgia, Ukraine, Azerbaijan and Moldova) formed The GUAM Organization for Democracy and Economic Development in order to jointly work against the challenges that they face and cooperate together for European integration. In this study, the main objective is to examine the effects of open market parameters that based on economic freedom index on the economic growth of GUAM countries by multiple linear regression analysis for the period 1997–2015. Open market category is divided into three parameters called as investment, financial and trade freedom. Data for open market parameters are taken from The Heritage Foundation. As a result of the analysis, open market parameters affect the economic growth of these countries. However, it differs from one to another.

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