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The prime purpose of the article is to revisit past studies related to the link between export instability, export diversification, and economic growth. In this regard, an extensive literature survey has been made across academic journals that provided structured, comprehensive, and chronological findings and results. The authors have examined and reviewed the full text of eighty‐eight important and relevant research articles published in various scholarly journals. Most of the articles provided robust evidence about positive impact of export diversification on economic growth and mixed results regarding the impact of export instability on economic growth. The paper also attempts to find the areas where the existing literature is silent or throws light that needs to be further examined with future research in this area. Since literature gives little evidence on various aspects of export diversification and economic growth from the perspective of a group of emerging economies identified by UNCTAD and IMF, therefore, the article recommends future research in this context to explore this less unexplored area.

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Recently, there has been a significant rise in the volume and significance of FDI flows. The foreign direct investment (FDI), which is undertaken by multinational corporations, affects not only the host economy but also the home economy in many ways. The impact of FDI on host economy has been very well explained by several researchers. But there is lack of literature that has investigated the impact of FDI on the economy of the investing country. The purpose of this paper is to revisit the empirical studies which are related with exploring the impact of outward FDI on various economic activities such as exports, domestic investment, productivity and economic growth in the investing country. In this pursuit, a through survey of empirical literature in this area, published since 1980 across different journals has been made and presented.