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Economic Forecasting

Definition

Economic forecasting is the process of making predictions about the economy. Forecasts can be carried out at a high level of aggregation—for example for GDP, inflation, unemployment or the fiscal deficit—or at a more disaggregated level, for specific sectors of the economy or even specific firms.

What is 'Economic Forecasting'

The process of attempting to predict the future condition of the economy. This involves the use of statistical models utilizing variables sometimes called indicators. Some of the most well-known economic indicators include inflation and interest rates, GDP growth/decline, retail sales and unemployment rates.

Explaining 'Economic Forecasting'

While economic forecasting is not an exact science, it remains an important decision-making tool for businesses and governments as they formulate financial policy and strategy.


Further Reading


The use and abuse of real-time data in economic forecasting
www.mitpressjournals.org [PDF]
… Prediction Markets for Economic Forecasting Erik Snowberg, JustinWolfers, and Eric Zitzewitz 1. 2. 3. 4. 5. 6. Introduction Types of Prediction Markets Why Prediction Markets Work Forecast Accuracy Discovering Economic Models Conclusion Acknowledgments …

Product differentiation in the economic forecasting industryProduct differentiation in the economic forecasting industry
www.sciencedirect.com [PDF]
… Prediction Markets for Economic Forecasting Erik Snowberg, JustinWolfers, and Eric Zitzewitz 1. 2. 3. 4. 5. 6. Introduction Types of Prediction Markets Why Prediction Markets Work Forecast Accuracy Discovering Economic Models Conclusion Acknowledgments …

An overview of economic forecastingAn overview of economic forecasting
onlinelibrary.wiley.com [PDF]
… Prediction Markets for Economic Forecasting Erik Snowberg, JustinWolfers, and Eric Zitzewitz 1. 2. 3. 4. 5. 6. Introduction Types of Prediction Markets Why Prediction Markets Work Forecast Accuracy Discovering Economic Models Conclusion Acknowledgments …

Prediction markets for economic forecastingPrediction markets for economic forecasting
www.sciencedirect.com [PDF]
… Prediction Markets for Economic Forecasting Erik Snowberg, JustinWolfers, and Eric Zitzewitz 1. 2. 3. 4. 5. 6. Introduction Types of Prediction Markets Why Prediction Markets Work Forecast Accuracy Discovering Economic Models Conclusion Acknowledgments …



Q&A About Economic Forecasting


Is economic forecasting an exact science?

No, it is not an exact science.

Who uses economic forecasting?

Businesses and governments use it as a decision-making tool for financial policy formulation.

Where is the journal published?

Oxford Economics publishes it.

What does economic forecasting involve?

It involves the use of statistical models utilizing variables sometimes called indicators. Some of the most well-known economic indicators include inflation and interest rates, GDP growthdecline, retail sales and unemployment rates.

What does the journal publish?

The journal publishes economic forecasts.

What is the journal's name?

The journal's name is "Economic Outlook".

What is economic forecasting?

Economic forecasting is the process of attempting to predict the future condition of the economy.

Who publishes the journal?

Wiley-Blackwell publishes the journal.

When was the first issue published?

1977.