Although the evaluation problem of socio-economic development of countries has been extensively studied, there is still a huge debate among the economists about the assessment of this concept. Thereby, a large number of quantitative macroeconomic indicators and alternative methodological approaches have been proposed in order to analyze and compare economic and human development. The accordance between citizens' prosperity and development of a country's economy is an interesting issue that may be discussed in the framework of multicriteria analysis. The main objective of the presented study is to compare economic development and social welfare and explore how countries' performance on these dimensions is related. For this reason, a large number of macroeconomic indicators have been assessed as evaluation criteria for either economic development or social welfare. The evaluation methodology is based on the multicriteria method PROMETHEE II, where a large number of scenarios for different distribution of criteria weights is examined. The presented pilot application refers to the thirty (30) member countries of Organization for Economic Co-operation and Development (OECD), for which several macroeconomic data for the period 1990–2002 have been collected. The most important results are presented through a series of relative comparison diagrams. These diagrams analyze the performance of a country in comparison to other countries' performance. Additionally, they present the evolution of social welfare and economic development performance during the examined time period. The results provided seem to justify the perception that economic development and social welfare are strongly related, although they are not always in complete accordance.