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EU MEMBERS MULTI-CRITERIA RANKING ACCORDING TO SELECTED TRAVEL INDUSTRY INDICATORS Ivana Marjanović Faculty of Economics, University of Niš, Trg kralja Aleksandra Ujedinitelja 11, Niš, Serbia Žarko Rađenović Innovation Centre of the University of Niš, Vojvode Tankosića 14/8, 18000 Niš, Serbia Milan Marković Innovation Centre of the University of Niš, Univerzitetski trg 2, Niš, Serbia DOI: https://doi.org/10.31410/tmt.2019.639 4th International Thematic Monograph - Modern Management Tools and Economy of Tourism Sector in Present Era, Belgrade, 2019, Published by: Association of Economists and Managers of the Balkans in cooperation with the Faculty of Tourism and Hospitality, Ohrid, North Macedonia; ISSN 2683-5673, ISBN 978-86-80194-29-5; Editors: Vuk Bevanda, associate professor, Faculty of Social Sciences, Belgrade, Serbia; Snežana Štetić, full time professor, The College of Tourism, Belgrade, Serbia, Printed by: SKRIPTA International, Belgrade
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Abstract: As a multidimensional phenomenon that contributes to the economic growth and development of the country, tourism is an important sector for every national economy. Countries with developed tourism sector acquire more benefits than the countries with poorly developed or underdeveloped tourism. For assessment of the tourism development, multi-criteria decision-making techniques can be applied. In this paper, the tourism development of European Union (EU) Member States was analyzed based on selected travel and tourism industry indicators using Multi-Objective Optimization by Ratio Analysis (MOORA) and a new Additive Ratio Assessment (ARAS). The results indicate that Western and Southern European countries have the most developed tourism sector. Results also enable EU Member States to assess their relative position which might be of use to their policy makers. Keywords: ENTROPY, Tourism Development Evaluation, MOORA, ARAS. REFERENCES Assaf, A. G. (2012). 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