This thesis investigates the relationship between total fertility rate (TFR) and GDP per capitagrowth in 38 OECD countries between 1991 and 2021. Using a fixed effects panel regressionmodel, this study analyzes how variations in fertility influence economic growth, while alsoaccounting for the role of net migration and female labor force participation. The results showa statistically significant negative association between TFR and GDP per capita growth,indicating that higher fertility rates are linked to lower economic growth within the sample.The effect of net migration is small and statistically insignificant. Furthermore, this paperexamines the effects of interaction with female labor force participation, finding that theeconomic impact of fertility is context-dependent. The findings contribute to ongoing debateson demographic change and growth, especially in the context of aging populations and lowfertility in developed economies.