BRIAN KANTOR: Data dependence — not forecast dependent
Artificial intelligence forecasting processes will be only as good as the accuracy of the key assumptions that drive the model
Reserve Bank governor Lesetja Kganyago hopes artificial intelligence (AI) will help speed up updates of the Bank’s economic forecasts. At a recent media briefing he remarked that “from the time we make assumptions to the time they go and generate a forecast, it could be a couple of weeks.
“But there is emerging evidence that says AI could help us speed up the forecasting process. So, we might be able to generate forecasts quicker, and that speeds up our own internal processes … One of the things … we have to look at is to what extent this technology can be utilised to speed up processes and make central banks very efficient.”..
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