A step-by-step guide to predicting multiple economic indicators.
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I’m now bringing you a data Science project applied to economics, predicting several macroeconomic indicators using multi-target regression. Do I need to learn about economics now? Well, whether you’re working as a data scientist or not, it’s always a good idea to learn a bit about economics, right? It affects the life of every individual on the planet.
You are part of a community that belongs to a city, a state, a country, and ultimately to the global economy. Therefore, economics impacts your life in some way. Understanding at least the basic concepts would already be an excellent idea.
For any company, working with macroeconomic indicators is often necessary. Companies need to make investment decisions. It’s useful to understand these indicators and make forecasts. A company might plan to expand its operations to other cities or states.
It would be interesting to understand GDP — the Gross Domestic Product — not only for the entire country but also for individual states through macroeconomic indicators, right? This directly affects how companies make daily decisions.