ARTIFICIAL INTELLIGENCE AS A TOOL FOR ECONOMIC INSIGHT AND PREDICTION

Abstract

Artificial Intelligence (AI) has rapidly reshaped the field of economics, particularly in the realm of economic forecasting. Using methods like machine learning, deep learning, and natural language processing (NLP), AI can handle and analyse vast datasets, providing insights into complex economic trends that traditional models struggle to interpret accurately. This paper does not claim an absolutely comprehensive scale, rather it reviews major AI methodologies in economic forecasting, discusses applications thereof, and examines resulting improvements in predictive accuracy where possible. Benefits and challenges stemming from application of intelligence into economic analysis are also considered. The imperative interest out of all this is the potential assistance in the enhancement of economic decision-making that will render useful help to economists as well as policymakers and analysts.