This study analyses the relationship between inflation, public expenditures and economic growth. In the study, a panel prepared with annual data for the period 1999-2023 is used. Panel Data Analysis (fixed-random effects) is preferred as econometric method. In addition to the effect of inflation and public expenditures on economic growth, the combined effect of inflation and public expenditures on economic growth is also analysed. The study analyses 16 low-income countries. The first finding is that public expenditures support economic growth in low-income countries. The second finding is that increases in inflation reduce economic growth in these countries. The last finding is that inflation and public expenditures together have a positive effect on economic growth. When the results are evaluated together, it can be interpreted that the supportive effect of public expenditures on economic growth decreases due to inflation. In order to increase the impact of public expenditures on economic growth, policy recommendations, especially the effective use of monetary policies, would be in line with the findings of the study.