Economic Forecasting

Economic Forecasting

Economic Forecasting

Economists and similar people connected to the study of economics have been known to predict the future. From them we cannot learn what vehicles or airplanes will look like in years to come, nor can they reveal winning lottery numbers, or the outcome of the Super bowl. What economist can tell us about the future is what will happen with the economy. These predictions can be made after a detailed analysis of data is collected about economic conditions. Economic forecasting is a crucial aspect of the financial world, it helps people that are connected with economic affairs, obtain a good idea of how things may be in the future (Economic Forecast & Economy Watch, 2010).

Valuable Resources

One of the sites that were researched was The Bureau of Economic Analysis (BEA). The BEA produces the most closely watched economic statistics providing a comprehensive, up-to-date image of the U.S. Economy, which helps to influence decisions of government officials, businesspeople, and individuals. This site is valuable because the user can search for information through the site such as historical GDP reports. Another resource site we discussed was The Library of Economics and Liberty (econolib.com).  This site is devoted to the advancement of the study of economics.  Econolib.com is a website provided by Liberty Fund. Liberty Fund is a private organization well-known for encouraging the study of economics. The third resource we discussed this week was the website of The Wall Street Journal (WSJ). Monthly, WSJ surveys an assembly of approximately 50 economists on major economic indicators. The qualitative information from these surveys is made available to the readers for research. The fourth website that we discussed is MarketWatch.com this site reports the movement of the economy. This site is a primary trendsetter in business news, personal and global finance information. The fifth resource we discussed this week is Global Economic Indicators: Key Sources and Links. This resource is very useful for comparing a country's GDP and economic growth; it has the link to each country in the world. It also shows the greenhouse gas emissions for each country. Environment has a part to play in an economic growth. Sometimes fiscal policies involve monetary policies by the government using central banks; the link gives the data we might need. It gives both quantitative and qualitative analysis. The link can be used to collect data to support one country's growth compared to the other. Economy Watch is also another great site that we discussed; this link will gives us global production data. It is also a resource in giving the advantages and disadvantages of foreign trade so called globalization. The last contribution to our list of reviewed websites is IHS US Economic Services. The Economic services provide up-to-date analysis of the US economy along with 10- and 30-year forecasts, helping organizations invest and manage wisely. Powered by our US macroeconomic model, its forecasts cover more than 2,000 concepts, offering the most detailed, commercially available view of the US economy.