Abstract
Until now, many international organizations and scholars have set different standards and indicators to compare and assess country-specific economy. But most of these are not suitable for the real situation of a given country because these do not consider various internal and external factors affecting the given economy. This chapter addresses methodological issues on the assessment of economic strength of a given country. To this end, the authors investigate previous studies regarding the assessment of the economy of a given country; conceptualize the economic strength of a country as a complex concept, not simply the magnitude of GDP, GNP, and the like; set a new system of indicators for assessing the economic strength; and, on this basis, produce a methodology for the synthetic assessment of economic strength of a country. The findings are that (a) economic strength of a country must be defined in view of its economic capability which any country can exhibit even under any unfavorable external environment, (b) the indicators for this assessment include a variety of indicators in line with its essence, and (c) the assessment methodology must be a multifaceted one. These findings may help, on the one hand, in assessing the realities of a given economy while taking economic and technical measures to help policymakers strengthen it. On the other hand, these will help scholars and organizations compare and assess country-specific economies from a new perspective.
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Rim, GN., An, CJ. (2022). Economic Strength of a Country and Its Assessing Method. In: Baikady, R., Sajid, S., Przeperski, J., Nadesan, V., Islam, M.R., Gao, J. (eds) The Palgrave Handbook of Global Social Problems. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-68127-2_244-1
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