RAQAMLI TEXNOLOGIYALARNING YANGI O‘ZBEKISTON RIVOJIGA TA’SIRI Xalqaro ilmiy-amaliy konferensiyasi social indicators into their models, enhancing the accuracy of GDP predictions. In this article, we
will delve deeper into the significance of GDP and real GDP growth as key factors in assessing the
health of an economy.
In their study, Richardson et al. aimed to improve nowcasts of real GDP growth in New
Zealand by utilizing machine learning algorithms. They trained various popular ML algorithms
using a large real-time dataset comprising approximately 550 New Zealand and international
macroeconomic indicators. The authors compared the predictive accuracy of these nowcasts with
several benchmarks, including autoregressive models, factor models, a large Bayesian VAR, and
statistical models used at the Reserve Bank of New Zealand. Their findings indicated that machine
learning algorithms outperformed the statistical benchmarks. Moreover, combining the nowcasts
from different ML models further enhanced the overall performance, highlighting the gains in
nowcasting accuracy achieved through the use of machine learning methods. [Adam
Richardson,(2018)]
Gharte et al. investigated the use of machine learning techniques to improve the accuracy of
GDP prediction. Analyzing various social, economic, and cultural parameters from 1970 to 2018, the
authors built supervised learning models and compared the performance of three algorithms:
Gradient Boosting, Random Forest, and Linear Regression. The study found that Gradient Boosting
achieved the best prediction performance, followed by Random Forest and Linear Regression. The
authors also developed a web application that estimated and forecasted the GDP of a country based
on input attributes, highlighting the potential of machine learning techniques in GDP analysis and
prediction. [Tanvi Gharte, (2022)]
Maccarrone et al. compared different models for forecasting the real U.S. GDP. Using
quarterly data from 1976 to 2020, they found that the machine learning K-Nearest Neighbour
(KNN) model outperformed traditional time series analysis in capturing the self-predictive ability
of the U.S. GDP. The authors explored the inclusion of predictors such as the yield curve, its latent
factors, and macroeconomic variables to enhance forecasting accuracy, observing improved
predictions for longer forecast horizons. The study highlighted the additional guidance provided by
machine learning algorithms for data-driven decision-making. [Giovanni Maccarrone, (2021)]
Wang et al. focused on the application of emotion recognition algorithms in analyzing and
predicting financial market trends and economic growth. They highlighted the complexity of the
financial market and economic growth as a highly intricate system and emphasized the need for
accurate prediction results. The authors provided a detailed overview of existing financial
development and economic growth forecasting issues, along with an introduction to emotion
recognition algorithms. They delved into statistical emotion recognition methods, mixed emotion
recognition methods, and emotion recognition methods based on knowledge technology. The study