The governance is considered to be a very important component for good economic growth and wellbeing. Several econometric studies which have tested the relationship between good governance in the sense of market-enhancing governance, show a positive interrelationship between good governance economic growth and wellbeing. The main objective of this study is to determine the interrelationship between more significant governance indicators, the economic growth, and wellbeing. GDP per capita in constant prices and Human Development Index of 11 Balkan countries during the period 1996-2019 are taken as proxy variables for economic growth and wellbeing followed by six indicators developed by World Bank to measure the governance named: Political Stability (PS), Voice and Accountability (VA), Regulatory Quality (RQ), Government Effectiveness (GE), Rule of Law (RL) and Control of Corruption (CC). Multiple Regression and Robust Regression technics are used to carry out the objective. The quality of governance and human development are mutually reinforcing in the sense that the quality of governance has a significant impact on human development and vice versa. This implies that the quality of governance and human development are both important areas for improving the well-being of the residents of EU member countries. The quality of governance has a positive impact on economic growth and vice versa. The quality of governance has a more positive impact on economic growth and Human Development Index in Balkan’s EU Candidate Countries rather than EU member’s Balkan’s countries.