Ranking Economic Fragility in the Fragile Five Countries: A Multi-Criteria Analysis Using TOPSIS and VIKOR

Deniz Altun

Ranking Economic Fragility in the Fragile Five Countries: A Multi-Criteria Analysis Using TOPSIS and VIKOR

Abstract

The integration of the global economy and increasing capital mobility has significantly impacted emerging markets, especially following the 2008 global financial crisis. This study evaluates the economic performances of the countries identified as the “Fragile Five” -Turkey, Brazil, India, Indonesia, and South Africa- using Multi-Criteria Decision Making (MCDM) methods such as TOPSIS and VIKOR. The analysis incorporates six macroeconomic indicators as criteria: current account balance (as a percentage of GDP), inflation rate (consumer prices), GDP growth rate (annual percentage), unemployment rate (as a percentage of total labor force), external debt-to-GDP ratio, and total reserves (including gold, in current US dollars). Through this evaluation, the fragility rankings of the Fragile Five countries are determined. The findings are assessed in terms of strategies that these countries could implement to reduce economic vulnerability and provide guidance for investors.

Keywords

References

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Details

Primary Language

English

Subjects

Economic Models and Forecasting, Applied Macroeconometrics, Mathematical Economics, Economic Theory (Other), Operation

Journal Section

Research Article

Authors

Deniz Altun ^*
0000-0001-8327-1161
Türkiye

Early Pub Date

June 20, 2025

Publication Date

June 20, 2025

Submission Date

November 27, 2024

Acceptance Date

June 11, 2025

Published in Issue

Year 2023 Volume: 4 Number: 2

IZ

https://izlik.org/JA63NN48RG

Cite

RIS / Bibtex

APA

Altun, D. (2025). Ranking Economic Fragility in the Fragile Five Countries: A Multi-Criteria Analysis Using TOPSIS and VIKOR. Journal of Sustainable Economics and Management Studies, 4(2), 26-41. https://izlik.org/JA63NN48RG

AMA

1.Altun D. Ranking Economic Fragility in the Fragile Five Countries: A Multi-Criteria Analysis Using TOPSIS and VIKOR. ECOMAN. 2025;4(2):26-41. https://izlik.org/JA63NN48RG

Chicago

Altun, Deniz. 2025. “Ranking Economic Fragility in the Fragile Five Countries: A Multi-Criteria Analysis Using TOPSIS and VIKOR”. Journal of Sustainable Economics and Management Studies 4 (2): 26-41. https://izlik.org/JA63NN48RG.

EndNote

Altun D (June 1, 2025) Ranking Economic Fragility in the Fragile Five Countries: A Multi-Criteria Analysis Using TOPSIS and VIKOR. Journal of Sustainable Economics and Management Studies 4 2 26–41.

IEEE

[1]D. Altun, “Ranking Economic Fragility in the Fragile Five Countries: A Multi-Criteria Analysis Using TOPSIS and VIKOR”, ECOMAN, vol. 4, no. 2, pp. 26–41, June 2025, [Online]. Available: https://izlik.org/JA63NN48RG

ISNAD

Altun, Deniz. “Ranking Economic Fragility in the Fragile Five Countries: A Multi-Criteria Analysis Using TOPSIS and VIKOR”. Journal of Sustainable Economics and Management Studies 4/2 (June 1, 2025): 26-41. https://izlik.org/JA63NN48RG.

JAMA

1.Altun D. Ranking Economic Fragility in the Fragile Five Countries: A Multi-Criteria Analysis Using TOPSIS and VIKOR. ECOMAN. 2025;4:26–41.

MLA

Altun, Deniz. “Ranking Economic Fragility in the Fragile Five Countries: A Multi-Criteria Analysis Using TOPSIS and VIKOR”. Journal of Sustainable Economics and Management Studies, vol. 4, no. 2, June 2025, pp. 26-41, https://izlik.org/JA63NN48RG.

Vancouver

1.Deniz Altun. Ranking Economic Fragility in the Fragile Five Countries: A Multi-Criteria Analysis Using TOPSIS and VIKOR. ECOMAN [Internet]. 2025 Jun. 1;4(2):26-41. Available from: https://izlik.org/JA63NN48RG