This paper examines the effect of religion on the economic development of a group of selected nations. In that way, it compares confessional affiliation of population and religious influence on the economic development of observed countries. As a base for this research Mijo Mirković’s doctoral thesis was taken, which among other things deals with the religious influence on the lack of economic development of Slavic countries, and other relevant scientific papers. Also, the paper explores the issue of determining the direction between confessions and economic development. Furthermore, the constant struggle between religious and nonreligious is also analysed and observed, as well as the methods used by undeveloped or developed countries to solve this problem. Authors do not focus on the assumptions and claims about religion, but critically analyse the methodology of researching relations between religion and the economy from the perspective of economics. Although Mirković’s thesis served as the initial idea in later empirical works, it was analysed from different aspects and outcomes. Also, several empirical studies were taken into consideration which supports the mentioned thesis and those that analyse the problem of the effect of religious aspects on economic development with different conclusions.