Economic Performance Evaluation of Fragile 5 Countries after the Great Recession of 2008-2009 Using Analytic Network Process and TOPSIS Methods

Economic performance evaluation problem consists many criteria and sub criteria. Therefore it is a kind of multi-criteria decision making (MCDM) problem. It is very important for a country to monitor performance parameters in order to ensure that appropriate and timely decisions and plans can be made. Suitable performance measures can ensure that governments adopt a long-term perspective and allocate the country's resources to the most effective activities. Fragile five (F5) countries namely Brazil, Turkey, India, Indonesia and South Africa have large and fast growing economies. These developing countries are the members of the G20 countries. But F5 countries have also some economic problems such as current account deficit, external credit and currency. The aim of this study is to evaluate the economic performance model of F5 countries during 2001-2013 periods. Both Analytical Network Process (ANP) and Technique for Order Preference by Similarity to Ideal Solution (TOPSIS) methodologies are used for the outranking of countries using macroeconomic indicators including gross domestic product, current account balance, general government gross debt, general government revenue, general government total expenditure, gross national savings, inflation (average consumer prices), population, total investment, unemployment rate, volume of exports of goods and services, volume of imports of goods and services. In this study, subjective and objective opinions of economy expert turn into quantitative form with ANP