Economic performance evaluation of European Union countries by Topsis method
Afyon Kocatepe University, Turkey
PROCEEDINGS of
North International Conference of Economics,
Issue 1 / 2016,
pp.87-99
ISSN 2537-317X
ABSTRACT
In this study, an economic performance evaluation of European Union (EU) Countries has been
made by a TOPSIS (Technique for Order Priority of Similarity by Information System) method
which is based on Multi Criteria Decision Making (MDCM) approach by six macro-economic
data of 28 EU countries. The data belong to year of 2015. TOPSIS method has been applied
for the ranking of the countries for 2015. To assess the performance of economies, six macroeconomic
indicators, four of which are Maastricht criteria are used: long-term interest rates,
general government deficit (-) and surplus (+) (as percentage of GDP), general government
gross debt (as percentage of GDP), inflation rate, gross fixed capital formation (as percentage
of GDP) and unemployment rate. The results show that Sweden had best economic performance
and Greece had the worst performance in 2015.
Keywords: European Union, Maastricht Criteria, TOPSIS Method, Multi Criteria Decision Making Techniques.
