Macroeconomic Nowcasting and Forecasting using Machine Learning Techniques

In simpler terms:

  1. Macroeconomic Nowcasting: This provides real-time updates on the current state of the economy, helping economists understand immediate economic conditions with minimal delay.
  2. Forecasting: This projects future economic trends using current and historical data, aiding in making informed predictions about the economy's direction.
  3. Machine Learning Techniques: These advanced computational methods analyze vast amounts of data to identify patterns and enhance the accuracy of economic predictions.

"Yes, these processes indeed help economists assess the likely paths of economic activity and provide quick updates on the economy, as well as predictions about what might happen in the future".

The Central Bank of Lesotho (CBL), in collaboration with the Bureau of Statistics (BOS), organized a sensitization workshop for entities that provide data and use economic reports for their various planning and decision making processes on 28th August, 2019. This was done as an attempt to create a close collaboration and a rapport with the same institutions in order to improve data compilation and dissemination for macroeconomic management.

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Financial Indicators

18 June 2024

Loti / US Dollar       18.2342
Loti / Euro 19.5712
Loti / Pound 23.1616
Loti / SDR 24.1311

 

Monthly Inflation (%) 2023 to 2024

Net International Reserves

RESEARCH & SUPERVISION DATA

17.2773
17.1507