DETERMINING THE HUMAN CAPITAL PERFORMANCE OF LATIN AMERICAN COUNTRIES AND TÜRKİYE WITH CRITIC-BASED ARAS METHOD

The aim of this study is to determine the human capital performance of Latin American Countries and Türkiye using the CRITIC (Criteria Importance Through Intercriteria Correlation) and ARAS (Additive Ratio Assessment) techniques. In the analysis, CRITIC-based ARAS method has been used. This method is a combination two methods. The CRITIC method has provided the objective weights of the criteria, and human capital performances and ranking of the countries are obtained by ARAS method. In order to evaluate the human capital stock of the countries the following criteria are utilized: the infant mortality rate (per 1,000 live births), unemployment rate (percentage of the total labor force), average life expectancy at birth, total (years), labor force participation rate (percentage of the total population aged 15-64), current health expenditure (percentage of GDP), internet users (percentage of the total population), and population aged 15-64 (percentage of the total population). The analysis covers the years of 2019, 2020 and 2021. According to the CRITIC method results, the infant mortality rate has been the least significant criterion for every year under study, whereas the unemployment rate is the most significant. The ARAS method suggests that in every year examined, Cuba has done the best in terms of human capital. Chile and Uruguay rank second and third, respectively, after Cuba. Throughout the years under study, Guinea has performed the worst, followed by Haiti. Venezuela in 2021 and Honduras in 2019 and 2020 rank third-worst. Among the 22 nations, Türkiye ranks 15th in 2019, 12th in 2020, and 13th in 2021.