IHS Markit Awarded Top Economic Forecasting Accolades for Colombia, Malaysia

Consensus Economics says IHS Markit forecasters most accurate in predicting 2018 growth, inflation

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Wednesday, May 8, 2019 9:00 am EDT

Dateline:

LONDON
"The accuracy of our global macroeconomic forecasts, produced for up to 500 indicators across more than 200 countries, is vital to clients in identifying new trends, seizing growth opportunities and navigating risks."

LONDON--(BUSINESS WIRE)--Macroeconomic forecasters at IHS Markit who predict outcomes for Colombia and Malaysia provided the most accurate forecasts of gross domestic product and consumer price inflation for 2018, according to an annual survey of leading forecasters conducted by Consensus Economics. IHS Markit (Nasdaq: INFO), a world leader in critical information, analytics and solutions, announced the awards today.

Latin America economics director Rafael Amiel and economist Ellie Vorhaben were awarded the Consensus Economics 2018 Forecast Accuracy Award for Colombia, for being the best overall of 20 forecasters at predicting the 2018 outcomes. They predicted Colombia’s 2018 GDP growth and inflation with the lowest mean absolute error rate of 0.3 summed across both variables. The actual results were 2.66 percent for GDP and 3.18 percent for inflation.

Bree Neff, APAC economics associate director received the Consensus Economics 2018 Forecast Accuracy Award for Malaysia, for being the best overall of 23 forecasters at predicting the eventual 2018 outcomes. For the survey period, Neff predicted Malaysia’s 2018 GDP growth and inflation with the lowest mean absolute error rate of 1.26 summed across both variables. The actual results were 4.72 percent and 0.97 percent, respectively.

“We’re delighted to win these awards recognizing the outstanding work our economists perform,” said Zbyszko Tabernacki, senior vice president and head of economics and country risk for IHS Markit. “The accuracy of our global macroeconomic forecasts, produced for up to 500 indicators across more than 200 countries, is vital to clients in identifying new trends, seizing growth opportunities and navigating risks.”

Consensus Economics surveyed the world’s leading forecasters for their predictions for gross domestic product (GDP) and inflation for 44 industrialized economies, Asia Pacific, Eastern Europe and Latin America over a 24-month forecasting cycle beginning in January 2017.

Consensus Economics collects forecasts from over 1,000 economists around the world each month. It was founded in 1989 to measure consensus expectations, which are macroeconomic forecast benchmarks by investment and planning managers, as well as government and public sector institutions, who find the data it collects useful, timely and accurate.

Learn more about the methodology for the Consensus Economics Forecaster Accuracy Awards for the Latin America and Asia Pacific regions.

About IHS Markit (www.ihsmarkit.com)

IHS Markit (Nasdaq: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 business and government customers, including 80 percent of the Fortune Global 500 and the world’s leading financial institutions. Headquartered in London, IHS Markit is committed to sustainable, profitable growth.

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