Comparison of the European Union Countries and Turkey's Macroeconomic Indicators with Best Worst Method

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Author(s): Koray Yapa (Usak University, Turkey), Mert Durmus (Usak University, Turkey), Nezih Tayyar (Usak University, Turkey)and İbrahim Akbulut (Usak University, Turkey)
Copyright: 2023
Pages: 16
Source title: Research Anthology on Macroeconomics and the Achievement of Global Stability
Source Author(s)/Editor(s): Information Resources Management Association (USA)
DOI: 10.4018/978-1-6684-7460-0.ch037

Keywords: Business & Management / Business Science Reference / Economics & Economic Theory / Economics and Economic Theory

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Abstract

Macroeconomic indicators are used to evaluate the current performance and forecast the future state of the economy. Within the scope of the chapter; macroeconomic indicators such as GDP per capita, unemployment, inflation, real interest rates, and growth rates constitute the criteria of Multi-Criteria Decision Making (MCDM) model. The European Union (EU) countries and Turkey are the alternatives of the MCDM problem. Best Worst Method (BWM) is an MCDM method developed by Jafar Rezaei in 2015. In this method, the decision-maker identifies only the best and worst criteria and compares them with the remaining criteria. In this chapter, the macroeconomic indicators of Turkey and EU countries analyzed by BWM. As a result of the study, Luxembourg ranks first, Denmark second, and Sweden third. The last three countries are Portugal, Croatia, and Greece. Turkey ranks 24th.

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Comparison of the European Union Countries and Turkey's Macroeconomic Indicators with Best Worst Method

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