An Evaluation of World Economic Outlook Growth Forecasts, 2004–17

This paper examines the performance of World Economic Outlook (WEO) growth forecasts for 2004-17. Short-term real GDP growth forecasts over that period exhibit little bias, and their accuracy is broadly similar to those of Consensus Economics forecasts. By contrast, two- to five-year ahead WEO growt...

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Bibliographic Details
Main Author: Celasun, Oya
Other Authors: Lee, Jungjin, Mrkaic, Mico, Timmermann, Allan
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2021
Series:IMF Working Papers
Subjects:
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
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653 |a Econometric and Statistical Methods: Special Topics: General 
653 |a Terms of trade 
653 |a Finance 
653 |a Financial crises 
653 |a Economic policy; nternational cooperation 
653 |a Economic Forecasting 
653 |a Production 
653 |a Exports and Imports 
653 |a Production; Economic theory 
653 |a National accounts 
653 |a National income 
653 |a Economics of specific sectors 
653 |a Global Financial Crisis, 2008-2009 
653 |a Macroeconomics: Production 
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653 |a Financial markets 
653 |a Global financial crisis of 2008-2009 
653 |a International trade 
653 |a Emerging and frontier financial markets 
653 |a Hypothesis Testing 
653 |a Forecasting and Other Model Applications 
653 |a Macroeconomics 
653 |a Forecasting and Simulation: Models and Applications 
653 |a Economic & financial crises & disasters 
653 |a Output gap 
653 |a Economics: General 
653 |a Informal sector; Economics 
653 |a General Financial Markets: General (includes Measurement and Data) 
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653 |a Empirical Studies of Trade 
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520 |a This paper examines the performance of World Economic Outlook (WEO) growth forecasts for 2004-17. Short-term real GDP growth forecasts over that period exhibit little bias, and their accuracy is broadly similar to those of Consensus Economics forecasts. By contrast, two- to five-year ahead WEO growth forecasts in 2004-17 tend to be upward biased, and in up to half of countries less accurate than a naïve forecast given by the average growth rate in the recent past. The analysis suggests that a more efficient use of available information on internal and external factors—such as the estimated output gap, projected terms of trade, and the growth forecasts of major trading partners—can improve the accuracy of some economies’ growth forecasts