A MULTI-CRITERIA APPROACH TO THE COMPARATIVE ANALYSIS OF THE GLOBAL INNOVATION INDEX ON THE EXAMPLE OF THE WESTERN BALKAN COUNTRIES

Ilija  Stojanović; Adis  Puška; Marko Selaković

doi:10.2478/eoik-2022-0019

Authors

Ilija Stojanović
Adis Puška
Marko Selaković

DOI:

https://doi.org/10.2478/eoik-2022-0019

Keywords:

informal labour, informal work, shadow economy, labour, macroeconomics, developing economies, globalisation.

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.

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