Globalization has both positive and negative effects. One of the positive effects of globalization is to ensure economic growth by increasing the ability of a society to produce goods and services to meet human needs, as well as by promoting efficiency and productivity and to create favourable conditions for foreign investment. Generally accepted measure of economic growth is the growth of real gross domestic product GDP. Benefit from economic growth and economic development is the improvement of the living standard, better social situation and greater public safety. In this paper we present the different measures of economic growth and the measures that affect the welfare of the country. The basic measure is the gross domestic product growth, but it alone does not guarantee an increase in living standards and social welfare. Therefore, a more effective measure of the benefits of economic growth describing more accurately its dimension is GDP per capita. However, some thinks that the GDP per capita is inaccurate indicator of welfare in the country. Therefore, in this paper we present the other selected indicators that are: the Human Development Index (MI) and a measure of Net Economic Welfare (NEW). To assess the impact of globalization on economic growth and welfare of its citizens in this paper we measure the acceleration of growth and welfare in the countries of the Group of Seven and Russia (until 2014 Group of Eight), BRICS (Russia, China, Brazil, India, South Africa), in the European Union and in countries of the Visegrad Group.
