Grouping of Nations according to Development-Influencing Factors and a Comparison through Time

Abstract

There are a number of factors that might effect a country's growth and economy in today's globalised world. The future of nations depends on a thorough examination of these issues. In this context, nations are categorised as undeveloped, transitional, developing, and developed countries, among other things. Countries that are categorised this manner and are in the same class have a wide range of commonalities. Using elements that influence different degrees of development, this research aims to highlight the changes in the economies of Balkan and former Soviet Union nations during the previous two decades. According to the years in which the socio-economic variables were obtained, missing data imputation techniques were employed to identify the values of the variables that were not present. Cluster analysis is used to identify nations that are comparable in terms of their degree of development, and these countries are then grouped into clusters. For 1995 and 2015, the same processes are used, but the nations' locations are indicated to have changed.