RANKING THE HDI INDEX USING THE GREY RELATIONAL ANALYSIS

The Human development index (HDI) is one of the important indicators to measure the economic and social development of a country or territory is not only based on income or GDP growth. Currently, the HDI calculation and ranking uses only traditional method [11]. This study proposes the grey relational analysis (GRA) based on three key dimensions of human development of 188 countries in the world (a long and healthy life, access to knowledge and a decent standard of living) to rank the HDI. Research results indicated that the HDI order ranking of countries in the world is different when using two methods. This study also provides for managers, macro-makers have more new approach to replace the traditional method to measure and rank the HDI of countries in the world