Impact of international trade on economic growth and development with special reference to developed, developing and underdeveloped country

This study aims at finding the impact of International trade on economic growth and development of Underdeveloped Countries, Developing Countries and Developed countries. For a time horizon of around 10 years, this study tried to correlate the relationship between GDP, unemployment, Industrial Production, inequality and Volume of Trade using the simple econometric technique called Ordinary Least Squares (OLS). This study finds that the international trade provides positive impact on all the economies. But the degree of benefits differs to different countries due to their economic status. During the study period, the impact of international trade on the economic growth and development of developed countries was good even though they have been majorly hit at the times of global financial crisis and oscillations in the global economy. Regression results prove that the Developed countries are receiving high benefits than the developing and underdeveloped ones. So this study suggested that the developed countries should produce some sort of supportive measures to the developing and underdeveloped countries to bring equitable and fair trade in the global market.