IDEAS home Printed from https://ideas.repec.org/a/ist/iujepr/v9y2022i2p373-395.html
   My bibliography  Save this article

Evaluation of the Economic Performances of the European Union Countries and Turkey in the Covid-19 Process with the COPRAS Method

Author

Listed:
  • Halil Kete

    (Kirklareli Universitesi, Iktisadi ve Idari Bilimler Fakultesi, Maliye Bolumu, Kirklareli, Türkiye)

  • Fatih Karasaç

    (Kırklareli Üniversitesi, İktisadi ve İdari Bilimler Fakültesi, Maliye Bölümü, Kırklareli, Türkiye)

Abstract

The COVID-19 pandemic has caused the biggest global economic crisis since the Second World War. The European Union, one of the world’s largest economic and political unions, was also seriously affected by this process. This study examines the impact of the COVID-19 epidemic, which emerged in December 2019 and showed its effect intensely in 2020, on the economic performances of 27 member states of the European Union and Turkey, which is a candidate country for the European Union. The Complex Proportional Assessment (COPRAS) technique was used to measure the economic performance of the countries covered in the study. COPRAS is one of the multi-criteria decision-making methods that aims to make a general ranking from the most desired to the least desired in line with the determined criteria. In the study, countries for economic performance measurement; GDP growth rates, per capita GDP current account balance, budget balance, unemployment rate, EU defined general government debt stock and inflation rate data are used. According to the results of the analysis made with the COPRAS method, Slovenia was the best country in terms of economic performance in the context of the data discussed, followed by Denmark and Germany, respectively. The country with the lowest performance in terms of economic performance was Turkey. Turkey is followed by the Greek part of Southern Cyprus and Greece. It has been observed that inflation and unemployment rates have a quite different structure compared to other countries included in the analysis, as the reason for Turkey’s low performance.

Suggested Citation

  • Halil Kete & Fatih Karasaç, 2022. "Evaluation of the Economic Performances of the European Union Countries and Turkey in the Covid-19 Process with the COPRAS Method," Journal of Economic Policy Researches, Istanbul University, Faculty of Economics, vol. 9(2), pages 373-395, July.
    • Handle: RePEc:ist:iujepr:v:9:y:2022:i:2:p:373-395
    DOI: 10.26650/JEPR1063962
    as

    Download full text from publisher

    File URL: https://cdn.istanbul.edu.tr/file/JTA6CLJ8T5/A6C51BF847934974B4D79C9855BBE942
    Download Restriction: no
    File URL: https://iupress.istanbul.edu.tr/en/journal/jepr/article/covid-19-surecinde-avrupa-birligi-ulkeleri-ve-turkiyenin-ekonomik-performanslarinin-copras-yontemi-ile-degerlendirilmesi
    Download Restriction: no
    File URL: https://libkey.io/10.26650/JEPR1063962?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. World Bank, "undated". "The Economy in the Time of Covid-19 [La Economía en los Tiempos del Covid-19]," World Bank Publications - Reports 33555, The World Bank Group.
    2. Mahmut MASCA, 2017. "Economic Performance Evaluation of European Union Countries by Topsis Method," North Economic Review, Technical University of Cluj Napoca, Department of Economics and Physics, vol. 1(1), pages 83-94, October.
    3. Sun, Li & Wang, Yang, 2021. "Global economic performance and natural resources commodity prices volatility: Evidence from pre and post COVID-19 era," Resources Policy, Elsevier, vol. 74(C).
    4. Dodgson, JS & Spackman, M & Pearman, A & Phillips, LD, 2009. "Multi-criteria analysis: a manual," Economic History Working Papers 12761, London School of Economics and Political Science, Department of Economic History.
    5. Alireza Alinezhad & Javad Khalili, 2019. "New Methods and Applications in Multiple Attribute Decision Making (MADM)," International Series in Operations Research and Management Science, Springer, number 978-3-030-15009-9, September.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Yating, Yang & Mughal, Nafeesa & Wen, Jun & Thi Ngan, Truong & Ramirez-Asis, Edwin & Maneengam, Apichit, 2022. "Economic performance and natural resources commodity prices volatility: Evidence from global data," Resources Policy, Elsevier, vol. 78(C).
    2. Hossein Yousefi & Mohammad Hasan Ghodusinejad & Armin Ghodrati, 2022. "Multi-Criteria Future Energy System Planning and Analysis for Hot Arid Areas of Iran," Energies, MDPI, vol. 15(24), pages 1-25, December.
    3. Brum, Matias & De Rosa, Mauricio, 2021. "Too little but not too late: nowcasting poverty and cash transfers’ incidence during COVID-19’s crisis," World Development, Elsevier, vol. 140(C).
    4. Hossein Yousefi & Saheb Ghanbari Motlagh & Mohammad Montazeri, 2022. "Multi-Criteria Decision-Making System for Wind Farm Site-Selection Using Geographic Information System (GIS): Case Study of Semnan Province, Iran," Sustainability, MDPI, vol. 14(13), pages 1-27, June.
    5. Matías Brum & Mauricio de Rosa, 2020. "Too little but not too late. Nowcasting poverty and cash transfers' incidence in Uruguay during COVID-19's crisis," Documentos de Trabajo (working papers) 20-09, Instituto de Economía - IECON.
    6. Liu, Haiying & Saleem, Muhammad Mansoor & Al-Faryan, Mamdouh Abdulaziz Saleh & Khan, Irfan & Zafar, Muhammad Wasif, 2022. "Impact of governance and globalization on natural resources volatility: The role of financial development in the Middle East North Africa countries," Resources Policy, Elsevier, vol. 78(C).
    7. Dana Hübelová & Martina Kuncová & Hana Vojáčková & Jitka Coufalová & Alice Kozumplíková & Francois Stefanus Lategan & Beatrice-Elena Chromková Manea, 2021. "Inequalities in Health: Methodological Approaches to Spatial Differentiation," IJERPH, MDPI, vol. 18(23), pages 1-21, November.
    8. Kuzmanic, Danilo & Valenzuela, Juan Pablo & Claro, Susana & Canales, Andrea & Cerda, Daniela & Undurraga, Eduardo A., 2023. "Socioeconomic disparities in the reopening of schools during the pandemic in Chile," International Journal of Educational Development, Elsevier, vol. 100(C).
    9. Mohammed Ifkirne & Houssam El Bouhi & Siham Acharki & Quoc Bao Pham & Abdelouahed Farah & Nguyen Thi Thuy Linh, 2022. "Multi-Criteria GIS-Based Analysis for Mapping Suitable Sites for Onshore Wind Farms in Southeast France," Land, MDPI, vol. 11(10), pages 1-26, October.
    10. Bakhsh, Satar & Zhang, Wei, 2023. "How does natural resource price volatility affect economic performance? A threshold effect of economic policy uncertainty," Resources Policy, Elsevier, vol. 82(C).
    11. Davine N. G. Janssen & Eunice Pereira Ramos & Vincent Linderhof & Nico Polman & Chrysi Laspidou & Dennis Fokkinga & Duarte de Mesquita e Sousa, 2020. "The Climate, Land, Energy, Water and Food Nexus Challenge in a Land Scarce Country: Innovations in the Netherlands," Sustainability, MDPI, vol. 12(24), pages 1-27, December.
    12. Henk Broekhuizen & Maarten J. IJzerman & A. Brett Hauber & Catharina G. M. Groothuis-Oudshoorn, 2017. "Weighing Clinical Evidence Using Patient Preferences: An Application of Probabilistic Multi-Criteria Decision Analysis," PharmacoEconomics, Springer, vol. 35(3), pages 259-269, March.
    13. Ezbakhe, Fatine & Pérez-Foguet, Agustí, 2021. "Decision analysis for sustainable development: The case of renewable energy planning under uncertainty," European Journal of Operational Research, Elsevier, vol. 291(2), pages 601-613.
    14. Aladejare, Samson Adeniyi, 2023. "Economic prosperity, asymmetric natural resource income, and ecological demands in resource-reliant economies," Resources Policy, Elsevier, vol. 82(C).
    15. Bai, Yiran & Tang, Shichao & Lu, Chunxian & Chen, Beier & Yan, Minghui, 2023. "Economic policy uncertainty and natural resource policy in the United States," Resources Policy, Elsevier, vol. 83(C).
    16. Agnieszka Leśniak & Jakub Balicki, 2016. "Selection of Façades Finishing Technology for a Commercial Building Using Multi-Criteria Analysis," Entrepreneurial Business and Economics Review, Centre for Strategic and International Entrepreneurship at the Cracow University of Economics., vol. 4(2), pages 67-79.
    17. Anirudh Shingal & Prachi Agarwal, 2020. "How did trade in GVC-based products respond to previous health shocks? Lessons for COVID-19," RSCAS Working Papers 2020/68, European University Institute.
    18. Martina Kuncova & Jana Seknickova, 2022. "Two-stage weighted PROMETHEE II with results’ visualization," Central European Journal of Operations Research, Springer;Slovak Society for Operations Research;Hungarian Operational Research Society;Czech Society for Operations Research;Österr. Gesellschaft für Operations Research (ÖGOR);Slovenian Society Informatika - Section for Operational Research;Croatian Operational Research Society, vol. 30(2), pages 547-571, June.
    19. Shi, Tao & Li, Chongyang & Zhang, Wei & Zhang, Yi, 2023. "Forecasting on metal resource spot settlement price: New evidence from the machine learning model," Resources Policy, Elsevier, vol. 81(C).
    20. Paul Malliet & Frédéric Reynès & Gissela Landa & Meriem Hamdi-Cherif & Aurélien Saussay, 2020. "Assessing Short-Term and Long-Term Economic and Environmental Effects of the COVID-19 Crisis in France," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 76(4), pages 867-883, August.

    More about this item

    Keywords

    Economic performance; COVID-19 pandemic; European union; Multi-criteria decision making; COPRAS JEL Classification : E60 ; E69 ; O52;
    All these keywords.

    JEL classification:

    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • E69 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Other
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ist:iujepr:v:9:y:2022:i:2:p:373-395. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Ertugrul YASAR (email available below). General contact details of provider: https://edirc.repec.org/data/ifisttr.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.