ECONOMIC GROWTH PREDICTION

ABSTRACT

The implementation of device of learning model for predicting economic growth is a challenging endeavor that calls for thorough study of numerous aspects and variables that affect the economy. While machine learning can offer information and help predict economic trends, it's crucial to recognize the constraints and uncertainties that come with this type of analysis. It is therefore advisable to utilize machine learning models as a component of a larger toolkit that includes economic research and human skills. Machine learning predictions of economic growth can offer insightful information and support decision-making. It's crucial to understand that economic forecasting is a difficult endeavor with built-in uncertainty. Machine learning models should be employed as a component of a larger toolkit that includes subject-matter expertise, economic knowledge, and other pertinent elements. Economic growth says that economic growth can be seen as an increase in the capacity of an economy to produce goods and services, compared from one period of time to another. The aim of this paper is to compare the economic growth in selected countries of EU. We used two ways of economic growth calculation - demand perspective based on the GDP and its components and supply perspective based on the neoclassical production function (the connection between Cobb-Douglas‘s production function and productivity).