Description
Title: Using Time-Series Mining, Predicting the Economic Impact of the COVID-19 Pandemic in the United Kingdom
Abstract: Economic activity has virtually ceased as a result of the COVID-19 pandemic because many nations have imposed extremely strict travel restrictions in an effort to stop the virus’ spread. In order to predict future economic effects, this study uses artificial intelligence (AI) and data from previous economic crises to assess the economic effects of COVID-19 in the United Kingdom (UK). Gross domestic product (GDP), GDP growth, and information on the performance of the UK’s three main industries—construction, production, and service—were all examined using a comparison to the pattern of prior economic crises. In order to produce more precise and helpful results in the economic domain, we experimented in this study with the effectiveness of both continuous and categorical time-series forecasting on predicting future values. According to continuous value predictions, GDP growth in 2021 will be constant but will contract by about 8.5% from pre-pandemic levels. Furthermore, the categorical predictions show that the GDP will not decrease quarterly after the first quarter of 2021. This study offered factual information on the COVID-19’s economic effects that can be used to plan necessary recovery steps and take appropriate economic support measures.
Keywords: COVID-19; economic impacts; UK; industry; gross domestic products
Paper Quality: SCOPUS / Web of Science Level Research Paper
Subject: Economics
Writer Experience: 20+ Years
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