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A multivariate approach in measuring socio-economic development of MENA countries

Author

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  • Milenkovic, Nemanja
  • Vukmirovic, Jovanka
  • Bulajic, Milica
  • Radojicic, Zoran

Abstract

Socio-economic development of countries is a complex problem that has been constantly elaborated upon over the past few decades. An analysis of a country's welfare cannot be limited to either economic or social factors; it must be determined by combining both of these aspects. As technology has advanced, those indicators crucial for describing this phenomenon have also changed. internet connectedness has been introduced as an indicator of socio-economic development. Furthermore, the development of a health system is essential for a country's development. The aim of this paper has been to present one synthesized indicator that is able to quantitatively demonstrate any country's welfare. The statistical I-distance method is thoroughly explained and has been applied to 22 countries. Crucial indicators for ranking are also elaborated.

Suggested Citation

  • Milenkovic, Nemanja & Vukmirovic, Jovanka & Bulajic, Milica & Radojicic, Zoran, 2014. "A multivariate approach in measuring socio-economic development of MENA countries," Economic Modelling, Elsevier, vol. 38(C), pages 604-608.
    • Handle: RePEc:eee:ecmode:v:38:y:2014:i:c:p:604-608
    DOI: 10.1016/j.econmod.2014.02.011
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    More about this item

    Keywords

    I-distance method; MENA countries; Ranking; Socio-economic development;
    All these keywords.

    JEL classification:

    • C44 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Operations Research; Statistical Decision Theory
    • I15 - Health, Education, and Welfare - - Health - - - Health and Economic Development
    • I30 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries

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