Hi,
At work, I was given some historic data from about 50 years back with the values of GDP, working population, total exports, total imports and total investments. I have data for all this only till 2021 and need to forecast GDP till 2030. I have recently learnt about ARIMA models and forecasting with that but I am not sure how to proceed for this case. When forecasting GDP I want to ensure that the impact the other variables might have is taken into account but I am not sure how to do this and if I would have to predict for all variables simultaneously. I haven't been able to find any suitable resources that explain this so any direction on that would also be appreciated.
Thank you!
At work, I was given some historic data from about 50 years back with the values of GDP, working population, total exports, total imports and total investments. I have data for all this only till 2021 and need to forecast GDP till 2030. I have recently learnt about ARIMA models and forecasting with that but I am not sure how to proceed for this case. When forecasting GDP I want to ensure that the impact the other variables might have is taken into account but I am not sure how to do this and if I would have to predict for all variables simultaneously. I haven't been able to find any suitable resources that explain this so any direction on that would also be appreciated.
Thank you!
