Abstract:

The aim of this study is to analyze the effectiveness of the member countries of the Black Sea Economic Cooperation (BSEC) using macroeconomic variables. Macroeconomic indicators are used in the analysis; imports, unemployment and inflation are used as input (minimum), employment, exports and per capita GDP are used as output (maximum). For efficiency analysis, ARAS, TOPSIS, and MOORA methods from the Multi Criteria Decision Making (MCDM) methods are used. In these three methods AHP method is used to find the weighting scores. When the findings obtained in the study were examined, it was seen that MOORE and TOPSIS methods gave closer results to each other. According to the ranked of the three different methods, usually, the first-ranked countries are Russian Federation, Azerbaijan and Romania. At the end of the effectiveness ranking are Serbia, Armenia and Albania. Moreover, countries with the lowest GDP per capita, unemployment and inflation rates were observed in the first-ranked countries. The last-ranked countries have high unemployment rates and low per capita GDP.

Keywords: