Evaluating GDP Forecasting Models for Korea

This paper develops a new forecasting framework for GDP growth in Korea to complement and further enhance existing forecasting approaches. First, a range of forecast models, including indicator- and pure time-series models, are evaluated for their forecasting performance. Based on the evaluation res...

Full description

Main Author: Zeng, Li
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2011, 2011
Series:IMF Working Papers; Working Paper
Subjects:
Gdp
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
Summary:This paper develops a new forecasting framework for GDP growth in Korea to complement and further enhance existing forecasting approaches. First, a range of forecast models, including indicator- and pure time-series models, are evaluated for their forecasting performance. Based on the evaluation results, a new forecasting framework is developed for GDP projections. The framework also generates a data-driven reference band for the projections, and is therefore convenient to update. The framework is applied to the current World Economic Outlook (WEO) forecast period and the Great Recession to compare its performance to past projections. Results show that the performance of the new framework often improves the forecasts, especially at quarterly frequency, and the forecasting exercise will be better informed by cross-checking with the new data-driven framework projections
Physical Description:23 p.
ISBN:9781455220977
1455220973