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

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

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
DOI: 10.4018/978-1-6684-7460-0.ch037
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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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Literature

The literature review is divided into three sections. In the first section; the studies using macroeconomics variables were examined. In the second section; the studies comparing the economic performance of countries with macroeconomics indicators using Multi Criteria Decision Making methods were examined. In the third section; the studies about the BWM are examined.

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