OECD Macroeconomic Forecasting for effective foreign economic activity

Abstract

The article provides an overview of the OECD policy on development and improvement of macroeconomic forecasting of economic growth that is becoming more and more important due to globalization and the growing interdependence of the world economies. Improving accuracy of macroeconomic forecasting allows to take more eff ective decisions in relation to foreign economic issues. There has been made a comparison between the OECD and the IMF macroeconomic forecasts for the key economies, where the main forecasts’ mistakes before and after the crisis are analyzed. The key projects and methods of macroeconomic forecasting of the OECD are considered in the article, and the most relevant OECD initiatives in this fi eld are outlined.