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The paper analyzes the relation between degree of economic globalization and the impact of economic crisis for developed and emerging European countries. We measure economic globalization through indexes based on share of external trade in GDP and FDI intensity (% of FDI inflows and outflows divided by GDP). The complexity of current economic and financial crisis could be evaluated through GDP growth rate, inflation rate, unemployment, public debt, budget deficit, balance of payments, exchange rate, etc. For the purpose of this paper we used GDP growth rate as a measure of economic crisis impact on national economies.