Question

TASK 2: PREDICTING ECONOMIC ACTIVITY Having economic data is good for historical knowledge, but it is also essential to attempt to predict future economic activity. Based on the information you found in the Economic Data Collection and Analysis task of the Unit 2 Course Activity, compose a 200- to 300-word essay that predicts what you think will happen to the economy in the next year. Use at least five statistics you recorded in the Unit 2 Course Activity to justify your answer.

Answer 1

As an economist, I forecast that in a year time, the economy is expected to slow as the Federal Reserve continues to tighten monetary policy

This however; also means that recession will occur during the first half of 2023.

Furthemoe, I also predict that in a year time, growth will slow down to 0.5 percent year-over

What is economic data?

Economic data can simply be defined as functional measure of the financial wellbeing of a country, regions, or individual markets at a given period of time

However, there two major types of economic data:

1. Cross-sectional data
2. Time series data

So therefore, as an economist, I predict that the future of the economy in a year time is expected to slow as the Federal Reserve continues to tighten monetary policy

Learn more about the economy:

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