Subject and purpose of work: This article studies the role of religion in economic development. Even though it is obvious that religion plays a vital role in economic development because a healthy economy requires that all people view one another with dignity, there are still some questions which need to be answered like – why wealthier nations trend/tend to be less religious, and does economic development (as a matter of fact) cause individuals to become less religious in today’s world?
Materials and methods: The research is based on universal methods of formal logic and scientific abstraction, basics of innovation science, investment science and institutional economics, systemic, structural-functional and synergetic approaches as well as information sources of the World Economic Forum.
Results: The authors’ hypothesis about the influence of religion and religious values which stands behind rapid economic growth is shown to be substantiated.
Conclusions: In conclusion, we can state that there is strong negative correlation between GDP per capita and the importance of religion in the state, but, on the other hand, in most societies religious values were the main push factor of economic growth.
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