Economic growth is one of the main macroeconomic variables with which financial development interacts. The main aim of developing countries is to become a developed country with stable and sustainable growth. In this study, the causality relationship between financial development and economic growth is investigated in five developing countries, called the fragile five countries. In the study in which the 1980-2019 period data of the mentioned countries are used; asymmetric panel causality analysis is performed after the traditional and new unit root tests. According to the results of the causality analysis, it is revealed that "supply-leading hypothesis" and "demand-following hypothesis" are valid for Indonesia whereas "feedback hypothesis" is valid for Turkey. This situation can be interpreted as the variables used in the causality relationship and the sample group are effective, and these factors should be taken into consideration for new studies to be conducted on the subject.