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Nowcasting refers to the practice of estimating current economic conditions based on real-time data, providing a snapshot of the present rather than forecasting future trends. Unlike traditional forecasting, which relies on models and historical patterns to predict future outcomes, nowcasting leverages up-to-date information to assess the state of an economy or market at a specific point in time. This approach is particularly useful in policy-making, financial markets, and business decision-making, where timely insights are critical.
The term "nowcasting" was popularized in the early 2000s by economists seeking to bridge the gap between
Nowcasting is widely applied in central banking, where policymakers monitor inflation, GDP growth, and labor market
While nowcasting provides valuable real-time insights, it is not without limitations. Data availability, quality, and timeliness