This article examines the impact that external financial flows have on gross domestic product (GDP) growth in a new, small, and open economy—the Republic of Kosovo. Remittances, foreign direct investment (FDI), foreign debt, and net exports may affect GDP in different ways. In the context of a new, small, and open economy, these factors can be important determinants of economic development. This article examines the direct effect of these factors on economic development as represented by GDP growth in Kosovo, covering the period of 2012–2018. The relationships between remittances, net exports, FDI, external debt, and GDP are modeled based on theoretical arguments and empirical evidence. The results suggest that in Kosovo, remittances are the leading contributor to GDP growth. This contribution could be more valuable if remittances were invested in the manufacturing sector. These investments could have positive effects on job creation, thereby reducing the unemployment rate and Kosovo’s dependence on imports.

中文翻译：

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外部资金流动与GDP增长

本文研究了在新的，小型的和开放的经济体（科索沃共和国）中，外部资金流动对国内生产总值（GDP）增长的影响。汇款，外国直接投资（FDI），外债和净出口可能以不同的方式影响GDP。在新的，小型的和开放的经济中，这些因素可能是经济发展的重要决定因素。本文研究了这些因素对科索沃2012年至2018年GDP增​​长所代表的经济发展的直接影响。汇款，净出口，外国直接投资，外债和国内生产总值之间的关系是根据理论和经验证据建立的。结果表明，在科索沃，汇款是GDP增长的主要推动力。如果将汇款投资于制造业，则这一贡献可能会更有价值。这些投资可能对创造就业机会产生积极影响，从而降低失业率和科索沃对进口的依赖。