Assessment of regional economic restorability under the stress of COVID-19 using the new interval type-2 fuzzy ORESTE method

Abstract

The economic implications from the COVID-19 crisis are not like anything people have ever experienced. As predictions indicated, it is not until the year 2025 may the global economy recover to the ideal situation as it was in 2020. Regions lacked of developing category is among the mostly affected regions, because the category includes weakly and averagely potential power. For supporting the decision of economic system recovery scientifically and accurately under the stress of COVID-19, one feasible solution is to assess the regional economic restorability by taking into account a variety of indicators, such as development foundation, industrial structure, labor forces, financial support and government's ability. This is a typical multi-criteria decision-making (MCDM) problem with quantitative and qualitative criteria/indicator. To solve this problem, in this paper, an investigation is conducted to obtain 14 indicators affecting regional economic restorability, which form an indicator system. The interval type-2 fuzzy set (IT2FS) is an effective tool to express experts’ subjective preference values (PVs) in the process of decision-making. First, some formulas are developed to convert quantitative PVs to IT2FSs. Second, an improved interval type-2 fuzzy ORESTE (IT2F-ORESTE) method based on distance and likelihood are developed to assess the regional economic restorability. Third, a case study is given to illustrate the method. Then, robust ranking results are acquired by performing a sensitivity analysis. Finally, some comparative analyses with other methods are conducted to demonstrate that the developed IT2F-ORESTE method can supporting the decision of economic system recovery scientifically and accurately.

Solution proposal for completed preference structure in ORESTE method

“…They used the weak order for the missing preference structure in ORESTE II and evaluated the rock explosion risk of different lithologies in the Kaiyang phosphate mine. Zhang et al 21 developed an improved interval type-2 fuzzy ORESTE (IT2F-ORESTE) method based on distance and probability to assess regional economic correctability. Then, some comparative analyzes with other methods are made to show that the developed IT2F-ORESTE method can scientifically and accurately support the economic system recovery decision.…”

Optimization of Strategic Areas in Regional Economic Recovery: Tourism Perspectives

“…This resilience is crucial for promoting sustainable development and ensuring the efficient allocation of resources in post-disaster economic recovery (Li et al, 2022). In the context of the COVID-19 pandemic, assessing regional economic re-storability by considering indicators such as development foundation, industrial structure, labor forces, financial support, and government's ability is essential for scientifically and accurately supporting economic system recovery (Zhang et al, 2022;Tian et al, 2022). Furthermore, the establishment of National Strategic Areas (KSN) oriented towards economic activities necessitates regional integration and interaction to support economic growth (Widyastuty et al, 2021).…”

“…Furthermore, the assessment of regional economic storability under the stress of COVID-19 is crucial for supporting the decision of economic system recovery scientifically and accurately. This involves considering a variety of indicators such as development foundation, industrial structure, labor forces, financial support, and government's ability (Zhang et al, 2022). Additionally, the role of strategic areas in boosting the economy of a region and improving regional economic resilience has been highlighted, emphasizing the importance of regional integration and interaction to support economic activities (Widyastuty et al, 2021;Amelia et al, 2022).…”