Economic forecasting is the process of predicting future economic conditions based on current and historical data. Analysts use various tools and models to estimate key indicators such as GDP, unemployment rates, and inflation. These forecasts help businesses, governments, and investors make informed decisions. The accuracy of economic forecasts can vary due to unforeseen events, such as natural disasters or political changes. Despite these challenges, economic forecasting remains essential for planning and strategy, allowing stakeholders to anticipate trends and adjust their actions accordingly.