The current situation presents an enormous challenge for economists. Normally they would wait for an economic quarter to end before analysing data - now all of a sudden they have to try to work with data that is changing every day.
The director of the KOF Swiss Economic Institute and his counterparts around the world are shifting from economic forecasting to scenario planning in a time of unprecedented change. "We are now being confronted with a situation where we can’t wait for a quarter to end. We have to work with weekly or even daily data," says Jan-Egbert Sturm.
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