Macroeconomic Strategic Plan as an Alternative Tool for Redesigning of Preferences and Prioties of the National Economy: Proposal for Emerging Markets Economy

Abstract

Purpose: Public authorities put emphasis on to the design of macro-scale strategic plans with high sustainability and comprehensive in order to observe new opportunities in their future operations and to increase the consistency of their predictions for the future by taking coordinated actions among the actors in the system. In this study, key macroeconomic performance and stability indicators were analysed, and an alternative macroeconomic strategic plan for emerging markets was produced by evaluating the areas where decision-making and implementation processes intersect / diverge in terms of actors.
 Method: In the study, firstly, the current situation of the countries was determined by examining the macroeconomic indicators related to the selected emerging market economies and the reports prepared by internal/external stakeholders. Then, using SWOT and PEST approaches, a new matrix design has been created in accordance with the macroeconomic strategic plan, which has emerged with the effect of developments in the 21st century. Then, the Analytical Hierarchy Process (AHP) was used to determine the importance levels of the factor elements in the matrix. With the AHP method, weights were obtained with pairwise comparison matrices for the main axes and components of the macroeconomic strategic plan. Thus, it has been revealed which macroeconomic main axis and the strategy proposal that countries should consider more.
 Results: As a result of the study, it has been determined that the most important fragility point of emerging market economies is the areas that can create a comparative disadvantage. It is necessary for the countries concerned to identify the disadvantage points that can be seen as a possible obstacle to economic progress and to produce appropriate measures. In addition, it has been determined that should be given priority, in terms of the strategic plan will be created by public authority for the emerging market economies is the strengthening of the national economic security and defence system, the national structure, and relations system. The second most important strategy is to improve the strategic response capacity of the enterprises, which is considered as the obligation of the business world.
 Originality: In the study, the components of a unique macroeconomic strategic plan for emerging markets are discussed in the context of SWOT and PEST approaches, considering the needs of the 21st century and the new ways countries experience. For this reason, the study contributes to the literature in terms of developing a new macroeconomic strategic plan proposal. The plan, which was created by determining the degree of importance of the obtained components, is a road map that should be followed for policymakers. In addition, in the study, an inter-disciplinary approach was exhibited and a political economy analysis was put forward.