The Journal of Grey System ›› 2025, Vol. 37 ›› Issue (3): 61-72.

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A Novel Grey MCDM Model Assessing Macroeconomic Performance of G7 Countries

  

  1. 1. Department of International Trade and Business, Faculty of Economics and Administrative Sciences, Inonu University, Malatya, 44100, Turkey
    2. Department of Business, Faculty of Economics and Administrative Sciences, Nigde Omer Halisdemir University, Nigde, 51240, Turkey
    3. Division of Convergence Business, College of Global Business, Korea University, Sejong 02841, Republic of Korea
    4. Faculty of Applied Management, Economics and Finance in Belgrade, University Business Academy in Novi Sad, Jevrejska 24, 11000 Belgrade, Serbia
    5. Institute of Sustainable Construction, Vilnius Gediminas Technical University, Vilnius 10223, Lithuania
    6. Department of Labor Economics and Industrial Relations, Faculty of Economics and Administrative Sciences, Inonu University, Malatya, 44100, Turkey
    7. Department of International Trade and Logistics, Faculty of Economics and Administrative Sciences, Sivas Cumhuriyet University, Sivas, 58100, Turkey
  • Online:2025-04-20 Published:2025-05-29

Abstract:

Macroeconomic indicators offer critical insights into the economic performance of nations. The potential variability of these factors necessitates formulating policies and implementing actions to counteract any adverse situations that may arise. This research aims to evaluate the macroeconomic performances of the seven developed nations, known as the G7 nations. The research identified imports of goods and services, exports of goods and services, gross fixed capital formation, gross domestic savings, unemployment, population, current account balance, inflation, consumer prices gross domestic product as criteria for performance assessment. An integrated framework integrating the LOPCOW-G and RAWEC-G methodologies is presented to assess the macroeconomic performance of G7 nations within the study's framework. The weight values derived from the LOPCOW-G technique indicate that the current account balance is the most significant factor influencing macroeconomic success. The RAWEC-G technique findings indicate that Japan had the highest economic performance, while the USA demonstrated the lowest economic performance.

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