Oracles in Pandemic: Forecasts of Colombian Economic Growth in 2020

Forecasting has allowed the economic discipline to gain power and social relevance, although it has also exposed it to public discredit. In the uncertainty that has shaped COVID-19, the determinants of Colombian annual economic growth forecasts for the year 2020 were studied and it was found that th...

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Autores:
Lozada González, Camilo Andrés
Perdomo Munévar, John Mauro
Torres Pinzón, Andrés Felipe
Tipo de recurso:
Fecha de publicación:
2021
Institución:
Universidad EAFIT
Repositorio:
Repositorio EAFIT
Idioma:
spa
OAI Identifier:
oai:repository.eafit.edu.co:10784/33385
Acceso en línea:
https://hdl.handle.net/10784/33385
Palabra clave:
forecasting
economic growth
pandemic
pronósticos
crecimiento económico
pandemia
Rights
License
openAccess
Description
Summary:Forecasting has allowed the economic discipline to gain power and social relevance, although it has also exposed it to public discredit. In the uncertainty that has shaped COVID-19, the determinants of Colombian annual economic growth forecasts for the year 2020 were studied and it was found that the variability of the forecasts, which range from +0,7 to -13,8%, does not depend on the evolution of the epidemiological situation, nor the institutional characteristics of those forecasting. The variability is mainly explained by the average of the most recent previous forecasts and by the central bank intervention rate.