Evaluation of macroeconomic performance of OECD countries by integrated SWARA-Gray relational analysis and CoCoSo method

Decision making is a process encountered at all stages of life. In this process, complex problems can be encountered, which often have many alternatives, ma and sometimes conflicting evaluation criteria. Multi-criteria decision making methods are known as methods that help the decision maker both in evaluating the criteria and in determining the best among the alternatives. In the literatüre it is seen that multi-criteria decision-making methods are applied separately or hybridly in different fields. It is aimed to examine the macroeconomic performances of 35 OECD countries in a multi-period basis by making use of the hybrid multi-criteria decision-making method consisting of SWARA, gray relational analysis (GRA) and CoCoSo methods in this study. Nine performance criteria determined as a result of literature review were weighted with the SWARA method, and the three most important criteria were gross domestic product per capita, unemployment rate, and inflation rate. After the criterion weights were determined, the multi-year ranking results obtained by gray relational analysis were converted into a single ranking with the CoCoSo method. Since the periodic results of the GRA method did not differ much, the general ranking obtained by the CoCoSo method also showed parallelism with the GRA results. According to the ranking results, Luxembourg, Switzerland and Japan were determined as the countries with the highest macroeconomic performance.