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İktisat teorisinde, DYY’nin ekonomik büyüme etkisi içsel büyüme modelleriyle açıklanmaktadır. İçsel büyüme modellerinde DYY sermaye stoku, teknoloji ve bilgi transferi gibi birçok kanalla iktisadi büyümeyi olumlu etkilemektedir. Ancak teorinin tersine ampirik literatürde DYY girişlerinin büyüme üzerindeki etkisinin olmadığı şeklinde sonuçlar da mevcuttur. Bu araştırmada, 1984-2018 dönemi arasında N11 ülkeleri açısından DYY’nin ekonomik büyüme üzerindeki etkisi panel veri analizi ile incelenmiştir. Ulaşılan bulgular, N11 ülkeleri için DYY’deki %1’lik bir artışın, ekonomik büyümeyi %0,028 oranında artırdığı yönündedir. Araştırma bulguları ülke bazında incelendiğinde ise; Kore, Nijerya, Endonezya, Pakistan ve Meksika’da, DYY girişlerinin ekonomik büyümeyi arttırdığı bulgusuna ulaşılmaktadır. Bulgular ilgili literatürde daha önce yapılan çalışmaları destekler niteliktedir. In economic theory, the economic growth effect of FDI is explained by internal growth models. In internal growth models, FDI has a positive impact on economic growth through many channels such as capital stock, technology and information transfer. But contrary to the theory, there are also conclusions in the empirical literature that FDI inputs do not have an effect on growth. In this study, the effect of FDI on economic growth in terms of N11 countries between 1984-2018 was examined by panel data analysis. The findings are that a 1% increase in FDI for the N11 countries boosted economic growth by 0.028%. In Korea, Nigeria, Indonesia, Pakistan and Mexico, FDI inflows increase economic growth. The findings support previous studies in the relevant literature.