An analysis of macroeconomic performances of European countries by the grey relational analysis method

Abstract

Purpose - A macroeconomic analysis is a statistical analysis showing the current situation of the economy. Thanks to this analysis, individuals, investors, companies, states, and the public can perceive the strengths and weaknesses of the economy and make decisions accordingly. In this study, the macroeconomic performances of forty-four European countries was analyzed. Methodology- The Gray relational analysis method was used in the study. Findings- As evaluation criteria, nine macroeconomic variables were determined and thus two important results were obtained. The first was the indication of the Grey relational analysis (GRA) method application, an analysis method consisting of six stages. The second result was the macroeconomic performances of European countries. Conclusion- According to the obtained findings, the ten countries with the most successful macroeconomic performance were Ireland, Russia, Germany, Azerbaijan, Malta, Luxembourg, Netherlands, United Kingdom, Armenia, and Poland, and the ten countries with the lowest macroeconomic performance were France, Serbia, Finland, Portugal, Italy, Bosnia and Herzegovina, Croatia, Belgium, Montenegro, Ukraine, and Greece. Turkey ranked thirty-third among the forty-four countries