EVALUATION OF THE PERFORMANCE OF GLOBAL CITIES IN TERMS OF GPCI INDEXES AND QUALITY OF LIFE WITH THE CRITIC SUPPORTED GRAY RELATIONAL ANALYSIS METHOD

Abstract

Global cities are an indispensable platform for businesses around the world, with the ability to support and accommodate the economy by influencing the world economy, culture and politics. The purpose of this study is to evaluate and rank the performance of 46 global cities in the Global Power City Index for 2022 in terms of the GPCI functions of Economy, Research and Development, Cultural Interaction, Livability, Environment and Accessibility and Quality of Life using multi-criteria decision making (MCDM) method. In the study, the weights of the performance criteria are first determined with the CRITIC method and then the cities are ranked according to their performance by applying the Gray Relational Analysis (GRA) method. Empirical findings show that the most important criterion is CM (Climate index) and the least important criterion is PI (Purchasing power index). Furthermore, the findings of the GIA method indicate that in 2022, London ranks first, Frankfurt second and New York third, while Mumbai is the last ranked global city. These findings thus provide important recommendations for policymakers and investors.