Comparison of Turkey, G7 and E7 Countries Considering Socio-Economic Indicators: CRITIC-Based MARCOS Method

Abstract

Countries benefit from socio-economic indicators in order to measure their progress and development and to make the necessary plans regarding their own position in the global scale. Developed countries have to make comparisons using indicators in order to determine their performance realistically, to plan regional development goals and, when necessary, to define the objective special program for the countries in the same region or organization and to make the future projections. Developing countries also benefit from indicators measuring their positions to plan to establish a presence in the global economy creating their own competitive strategies. Because these countries try to keep up with and adapt to the dynamic changes determined by the proactive developed countries in socio-economic area. Therefore, cross country comparison is a highly important control mechanism. In this study, Turkey is compared with the E7 countries, of which it is a member, and the G7 countries, which are the world’s most developed countries. Countries are compared using the doing business index, sustainable development index, competitiveness index, global entrepreneurship index and social progress indexes for the period 2015-2020. The CRITIC-based MARCOS method is used to evaluate and compare the countries with respect to socio-economic global indices. The weights of the indicators were determined by CRITIC method and countries’ performances were converted into a single measurable numerical scale by MARCOS method. As a result of the analysis, it is seen that highly developed countries continue their systematic and continuous development in terms of selected indicators.