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A multi-criteria approach to the comparative analysis of the global innovation index on the example of the Western Balkan countries

Author

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  • Stojanović Ilija

    (American University in the Emirates Dubai International Academic City, Dubai, UAE)

  • Puška Adis

    (Government of Brčko District, Department of Public Safety, Brčko, Bosnia and Herzegovina)

  • Selaković Marko

    (S P Jain School of Global Management Dubai International Academic City, Dubai, UAE)

Abstract

Innovation is crucial for the competitiveness of countries in the global market. Countries oriented to progress must invest in innovative activities. Using the example of the Western Balkan countries, this study investigated their innovative competitiveness. The indicators of the Global Innovation Index (GII) were used for the years 2019, 2020, and 2021. A multi-criteria approach was based on the innovative SMART approach. The weights of the criteria were determined using the CRITIC (criteria importance through intercriteria correlation) method, while the CRADIS (compromise ranking of alternatives from distance to ideal solution) method ranked the Western Balkan countries according to their innovative characteristics. The results showed that Montenegro had the best innovation indicators, followed by Serbia, while Albania had the worst indicators. This research showed an innovative approach of using four normalizations, and the advantages of these normalizations were used to contribute to stabilization in multi-criteria decision-making.

Suggested Citation

  • Stojanović Ilija & Puška Adis & Selaković Marko, 2022. "A multi-criteria approach to the comparative analysis of the global innovation index on the example of the Western Balkan countries," Economics, Sciendo, vol. 10(2), pages 9-26, December.
    • Handle: RePEc:vrs:econom:v:10:y:2022:i:2:p:9-26:n:6
    DOI: 10.2478/eoik-2022-0019
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    References listed on IDEAS

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    1. Calin-Adrian Comes & Elena Bunduchi & Valentina Vasile & Daniel Stefan, 2018. "The Impact of Foreign Direct Investments and Remittances on Economic Growth: A Case Study in Central and Eastern Europe," Sustainability, MDPI, vol. 10(1), pages 1-16, January.
    2. Brem, Alexander & Viardot, Eric & Nylund, Petra A., 2021. "Implications of the coronavirus (COVID-19) outbreak for innovation: Which technologies will improve our lives?," Technological Forecasting and Social Change, Elsevier, vol. 163(C).
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    More about this item

    Keywords

    informal labour; informal work; shadow economy; labour; macroeconomics; developing economies; globalisation;
    All these keywords.

    JEL classification:

    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • Q55 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Technological Innovation
    • C54 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Quantitative Policy Modeling

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