Relationship between Economic Security and Country Risk Indicators in EU Baltic Sea Region Countries

Abstract

The globalization phenomenon raises new challenges in terms of country risk and economic security for small open economies. The objective of this paper is to evaluate the relationship between economic security and country risk indicators in EU Baltic Sea region countries. This paper, after surveying definitions and typologies of
risks, proposes the analysis of the relationship between economic security and country risk in EU Baltic Sea region countries based on statistical data from 2012. The results were optimized by implementing MOORA (Multi-Objective Optimization by Ratio analysis) and MULTIMOORA (MOORA plus Full Multiplicative Form) methods.

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