APPLICATION OF FORECAST MODELS IN ECONOMIC DECISION MAKING

Abstract

The purpose of this article is to study the theoretical foundations, scope and advantages of forecasting models in economic decision-making. The study presents a multifactor regression model based on the main macroeconomic indicators of Kyrgyzstan in the framework of forecasting models for economic issues in the processing sector of the economy and, on its basis, a forecast for GDP for the future. Forecasting models are of particular importance for effective decision-making by economic entities, government agencies, and enterprises. Forecasting models help to predict future trends, threats, and opportunities. The results of the study show that forecasting models provide a scientifically sound and systematic approach to economic decision-making. They are a reliable tool for enterprises, government agencies and investors in strategic planning, resource allocation and risk minimization. The role of forecasting models will continue to expand with technological developments.