Kingdom of Lesotho: Selected Issues

Kingdom of Lesotho: Selected Issues
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Volume/Issue: Volume 2024 Issue 289
Publication date: September 2024
ISBN: 9798400287947
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This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Inflation , E , inflation forecasting , GDP Nowcasting result , D , GDP evaluation , C , GDP Nowcasting , ensemble Nowcasting model , Machine learning , Inflation , Africa , Global

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Summary

This Selected Issues paper delves into few applications of machine learning (ML), with a particular application to economic forecasts in Lesotho. Amid delayed and often revised gross domestic product data, this paper explores the potential of ML to provide real-time insights into growth and inflation trends, crucial for informed policymaking. By leveraging nontraditional data and employing a variety of ML models, the paper presents a comprehensive analysis of current economic activity, evaluates the accuracy of standard statistical measures, and forecasts future inflation trends. The findings underscore the efficacy of ML in reducing prediction errors and highlight the significant role of alternative data in circumventing the limitations posed by traditional economic indicators. This paper contributes to the broader debate on the application of advanced computational techniques in economic forecasting, offering valuable insights for policymakers in Lesotho and similar countries grappling with data constraints and the need for timely economic analysis.