The Role of Data Science in Modern Economic Forecasting

The Role of Data Science in Modern Economic Forecasting

Authors

  • Dr. Ibrokhim Karimov Senior Data Scientist, Haibo Trade Consulting, China

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Keywords:

Data Science, Economic Forecasting, Machine Learning, Artificial Intelligence, Predictive Modeling

Abstract

This article examines how data science, through machine learning (ML) and artificial intelligence (AI), is revolutionizing economic forecasting. Traditional econometric models, often linear and simplistic, fail to capture complex economic dynamics. Data science, by leveraging vast datasets and advanced algorithms, offers more accurate forecasts for critical indicators such as inflation, unemployment rates, and GDP growth. This paper highlights key use cases of AI-driven models and discusses how they are transforming economic analysis and decision-making.

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References

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Federal Reserve Board. (2021) AI in Economic Forecasting: The Case for Hybrid Models. https://www.federalreserve.gov/ai-economic-forecasting.pdf.

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Published

14-06-2021

How to Cite

Karimov, D. I. “The Role of Data Science in Modern Economic Forecasting”. Journal of Science & Technology, vol. 2, no. 2, June 2021, pp. 226-30, https://thesciencebrigade.com/jst/article/view/337.
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