Economic Forecasting - Essay Example

Economic Forecasting Economic forecasting refers to the process of making predictions about the economy. Business or s that carry out economic forecasting process use various resources while gathering the required data. These resources are important stores for economic forecasting data. First and foremost is the Internet. The internet is the most efficient and most reliable resources for economic data since it connect computers worldwide. With internet, one may acquire a large amount of economic data from various economies as long as it is made available.

It facilitates the fast transfer of information and easy access to the database of various institutions. The telecommunication network also allows individuals in one institution to search databases, including library catalogues, in any other institution’s computer that has been made available for such use (Carnot, Koen, Tissot, & Carnot, 2011).Non-print media is also a resource that can be used in gather historical data, as well as economic forecasting data. CDs, videodisks among other resources provide large storage space for information and thus can be used to retrieve economic information stored as well as store the information being gathered.

Print media such books, journals, magazines, as well as newspapers, are important resources to use while gathering economic forecasting. Books written by an economist in the past can be useful in studying the history of economic thoughts that were used in the past to help explain various economic trends (Higgins, 2011). Newspapers always have resourceful economic articles written by a knowledgeable economist. Since newspapers are produced on a daily basis, they would provide sufficient and current information that would be helpful in economic forecasting.

The dialogue could also be resourceful while gathering information on the economic history of economics, as well as economic foresting. Face to face interviews with economists and other key players in the economy could complement information gathered from internet print and non-print media (Carnot et al., 2011)ReferencesCarnot, N., Koen, V., Tissot, B., & Carnot, N. (2011). Economic forecasting and policy. Houndmills, Basingstoke Hampshire: Palgrave Macmillan.Higgins, M. L. (2011). Advances in economic forecasting.

Kalamazoo, Mich: W.E. Upjohn Institute for Employment Research.