Central banks average four forecast updates a year

Final decision on projections jointly taken by policy-makers and staff in most jurisdictions

Headline forecasts are critical for policy deliberations and decisions. The rate of forecasts updates, however, varies among central banks, the Monetary Policy Benchmarks 2023 find.

The average frequency of updates is 4.2 each year, among 30 respondents. The same sample has a maximum of 12 updates and minimum of one.

A further analysis of the dataset by region shows African institutions tend to update their headline forecasts more than respondents from other geographical regions. Headline

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