Digital Economy Meets Artificial Intelligence: Forecasting Economic Conditions Based on Big Data Analytics

Abstract

Big data economy meets artificial intelligence, making the traditional statistical economy gradually evolve into an intelligent economy. Limited by human consciousness, traditional economic models have low prediction accuracy. In traditional statistical methods, the limited sample data also makes it impossible to effectively control and comprehensively forecast macroeconomic and development trends. Data economy has fundamentally transformed the traditional means of economic analysis. This is because the digital economy enables economic connectivity and precise data sharing, which can be used for precise economic statistics and mathematical analysis. Meanwhile, in terms of statistical methods, artificial intelligence methods no longer rely on human consciousness, but more objectively pay attention to economic cause and effect and are more accurate and comprehensive. This paper proposes an economic forecasting method based on artificial intelligence methods combined with big data analytics. In our model, we consider the economic statistics, equilibrium, and future prediction with the big data. Through the artificial intelligence method based on deep learning, the possible political factors, human activity factors, and social environmental factors in actual economic activities are effectively combined to form the main analysis subject affecting the economy. The results show that our model can be used as a basic model for economic statistics, economic analysis, economic decision-making, economic self-regulation, and other functions under the current development trend of the data economy.

Conceptual basis of Development and Application of Artificial Intelligence Technologies in Forecasting Economic Processes

“…The methods of forecasting the economic process based on artificial intelligence can include 1) forecasting of the economic process based on evolutionary algorithm, 2) forecasting of the economic process based on Data-Mining technology, 3) forecasting of the economic process based on machine learning, 4) forecasting of the economic process based on computer vision [13].…”

“…There are many different scientific publications and reports on the formation of new economic sectors based on artificial intelligence technologies, as well as on the interaction effects of artificial intelligence technologies and economic development [4,7,9,10,[13][14][15]. Although most of them are of a general nature, some of them also address specific problems.…”

“…In [13], the problems of interaction between digital economy and artificial intelligence technologies and forecasting of economic conditions based on Big Data analytics were analyzed. Thus, the digital economy enables the exchange of economic communication and accurate information that can be used for accurate economic statistics and mathematical analysis.…”

“…The increasing adoption of artificial intelligence has caused widespread concern around the world. AI can impact economic growth and employment [13]. This impact is considered significant because the adoption of AI technology can lead to increased productivity, higher wages, lower prices, and replacement of labor.…”

The interaction of digital economy, artificial intelligence and sports industry development --based on China PVAR analysis of provincial panel data

“…At this critical moment of historical change and convergence, artificial intelligence technologies that integrate data into systems, algorithms, and computational capabilities are evolving globally [ 21 ]. The combination of Artificial Intelligence and Big Data Economy has led to the gradual evolution of the traditional statistical economy into an intelligent digital economy, making possible economic linkages and precise data sharing which can be used for accurate economic statistics and mathematical analyses [ 22 ]. Big data would be worthless without a tool to extract more insights from it [ 23 ].…”