Can machine learning algorithms lead to more accurate nowcasts of Singapore's GDP?

• Main Authors: Cheong, Wei Si, Tan, Hong Bing, Wise, Vincent
• Other Authors: WANG, Wei-Siang
• Format: Final Year Project
• Language: English
• Published: Nanyang Technological University 2021
• Subjects: Social sciences::Economic theory
• Online Access: https://hdl.handle.net/10356/147309
• Institution: Nanyang Technological University

This paper investigates if machine learning (ML) models are able to produce accurate real-time nowcasts of Singapore’s GDP. Adopting dynamic factors with the Kalman smoother approach to simulate a realistic nowcasting exercise that incorporates the publication lags of variables, we evaluate the...