recent economic forecast
As the importance of ‘news text big data’ emerged in relation to the recent economic forecast,
The Bank of Korea has also decided to reflect this in its economic forecast model.
This is because it has precedence over existing quantitative indicators, so prediction accuracy can be improved.
The Bank of Korea prepared economic indicators using the news text on the 16th
It is said that this needs to be reflected in the regular prediction model to identify economic trends and use it for short-term regular predictions.
This is because there are no high-frequency economic indicators in the real sector, and existing quantitative indicators are delayed by more than a month.
The Bank of Korea judged that official statistics alone have limitations in that it is difficult to reflect qualitative information in the prediction model.
On the other hand, news text big data delivers a variety of and vast amounts of information quickly. It also contains qualitative information
Quantifying this is expected to contribute to improving the accuracy of the prediction model