Fuzzy Logic based Model to Calculate the Economic Level of any Country
S. Kumar1, Rashmi Singh2, Manish K. Srivastava3, Ashish K. Srivastava4

1MSc. Albina Basholli, Faculty of Mathematical Engineering and Physics Engineering, Polytechnic University of Tirana, Albania.
2Prof. Dr. Vasillaq Kedhi, University of Tirana, Albania.
3MSc. Alisa Cangonji, Ghent University, Belgium.
Manuscript received on May 01, 2016. | Revised Version Manuscript Received on May 13, 2016 | Manuscript published on  May  20, 2016. | PP: 6-12 | Volume-1 Issue-12, February 2016
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© The Authors. Published by Lattice Science Publication (LSP). This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)

Abstract: The availability of data for the size of economic level of any country is an important feature for economic policies. It helps World Bank to classify the countries as their economic level e.g. medium or high income countries, and it is really a tough job to decide the same. Sometimes traditional approach is not providing the proper level, therefore we use the concept of fuzzy logic to find out the economic level of any country. The fuzzy logic is an ideal tool to cope with vague, ill-structured and uncertain scenarios, which can be found in both fields business and economics. This is the main reason why fuzzy logic is used in this research. Five input variables are used i.e. Population, GDP, Unemployment Rate, Inflation Rate, Industrial Production Growth Rate. The resulting economic level is compared with previously used benchmarking method.
Keywords: Benchmarking, country’s economy, economics, fuzzy logic, Gaussian membership function.