First you need to experiment around the most relevant indicators of the phenomenon you want to describe. Right now, prosperity in the UK may depend on the employment rate, but also on the GBP value. Then you track these time series and you find stationary, seasonality, and disruptions. For instance some news or speeches drive the exchange rate down (bad news) or up (good news). This exemplifies a possible model to detect trends in the UK economy, just to take a case very much in the news (political, economical, financial, diplomatic).

You could do something similar for other countries/issues.

Here fairly simple time series carry very substantial information. After all right data is always better than big data.

Dear Friends and Colleagues of RG

In my opinion, analytics based on the processing of economic information accumulated in Big Data database systems will be used for researching and analyzing determinants of current economic processes, for risk management and for forecasting economic processes.

Do you agree with my opinion on this matter?

Please reply

I invite you to the discussion

Thank you very much