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The globalization phenomenon raises new challenges in terms of country risk and economic security for small open economies. The objective of this paper is to evaluate the relationship between economic security and country risk indicators in EU Baltic Sea region countries. This paper, after surveying definitions and typologies of risks, proposes the analysis of the relationship between economic security and country risk in EU Baltic Sea region countries based on statistical data from 2012. The results were optimized by implementing MOORA (Multi-Objective Optimization by Ratio analysis) and MULTIMOORA (MOORA plus Full Multiplicative Form) methods. Findings provide evidence for economic security being dependent on country risk ratios. This result is robust with respect to the applied method of investigation. It is crucial to identify the potential for different types of risks, security indicators as well as methods for risk evaluation and assessment. The key variables of interest include domestic economic variables, macroeconomic policy evaluation, balance of payments stability and social indicators. A general sustainability context (monetary, social and environmental indicators) should be also taken into consideration. Several investigations come to strongly conclusive results, which could be used in creating a new model for country risk assessment and the derived economic security indicators for EU Baltic Sea region countries.

Relationship between Economic Security and Country Risk Indicators in EU Baltic Sea Region Countries