Leman Osmanova

The Use of Big Data in Economic Forecasting

Abstract

Big data plays a critical role in economic forecasting, as it allows for more accurate and detailed analysis of information. These data are collected and analyzed from various sources, enabling more precise predictions of economic indicators and market trends. The Python programming language is one of the most widely used tools for this purpose. Python’s powerful libraries, particularly Pandas, Matplotlib, Seaborn, and Scikit-learn, perform numerous essential functions, ranging from data collection and analysis to visualization and building machine learning models.

The use of big data makes the economic forecasting process more efficient and dynamic. The tools provided by Python ensure accuracy and speed at every stage of this process, allowing economic risks to be better assessed and more informed economic decisions to be made