Forecast errors marginally higher for growth than inflation
Data shows contrast between advanced and emerging economies
Central banks have been marginally more successful on average at forecasting inflation than growth in the past year.
Respondents to the Economics Benchmarks 2020 survey reported an average forecast error of 0.66 for inflation and 0.70 for growth. The error is defined as the average mean absolute error of forecasts over the past 12 months.
However, the data shows different results for central banks in emerging market economies (EMEs) and advanced economies (AEs). Errors were slightly higher in
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