Economic, social, and political effects of globalization, which accelerated by the impact of developments in information and communication technologies, have been in the lead of much discussed subjects recently. Various globalization indices have been used in the literature for measuring the globalization's level and effects. This study uses consisting of KOF globalization index, which consist of economic, social, and political sub-indices. The study analyzed effects of globalization on economic growth by using panel data analysis for high, upper middle, lower middle and low income countries over the period 1995-2011. According to the results, the effects of globalization on economic growth have differentiated in terms of countries' development level. The result has not changed on using the subcomponent of globalization index.