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

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...

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Bibliographic Details
Published in:Economic modelling 2014-02, Vol.38, p.604-608
Main Authors: Milenkovic, Nemanja, Vukmirovic, Jovanka, Bulajic, Milica, Radojicic, Zoran
Format: Article
Language:English
Subjects:
Africa
Economic development
Economic indicators
I-distance method
MENA countries
Middle East
Multivariate analysis
Ranking
Social factors
Socio-economic development
Socioeconomic development
Socioeconomic factors
Studies
Technological change
Technology
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Summary: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. •We analyzed socio-economic development of MENA countries.•We included ICT indicators and health indicators.•Stepwise I-distance method is thoroughly explained and has been applied.•Crucial indicators for measuring socio-economic development have been elaborated.
ISSN:0264-9993
1873-6122
DOI:10.1016/j.econmod.2014.02.011