<p>This study contributes to literature by looking at the relationships between financial development, financial globalization, and economic growth volatility in 46 developing and 32 developed countries. From 1996 until 2022, yearly panel data has been gathered. The method of estimation is generalized least squares. The results show that financial development has a negative impact on growth volatility in developing as well as developed economies. Financial development also plays its role in reducing the volatility of economic growth through globalization. Economic growth volatility is increased by inflation in both panels. However, government expenditure leads to higher growth volatility in developing economies, whereas it reduces growth volatility in developed countries. In the same vein, capital flows and institutional quality have a positive or insignificant impact on economic growth volatility in developing economies, whereas both become a source of lower growth volatility in developed countries. This analysis supports the literature’s suggestions for minimizing economic growth volatility and promoting sustainable economic growth through financial development.</p>