BAKU, Azerbaijan, December 28. One of the goals set by the Central Bank of Azerbaijan (CBA) for 2024 is to improve macroeconomic forecasting by considering the use of artificial intelligence (AI) in analytical analysis and economic models, Trend reports referring to the CBA's announcement on the key directions of monetary policy for next year.
"The key aim is to make monetary policy decisions based on the outcomes of theoretically and econometrically appropriate models. The modeling equipment will be developed based on the most recent scientific research in macroeconomics and quantitative methodologies undertaken by Azerbaijani and foreign experts, as well as the best practices of central banks," the CBA said.
"We will endeavor to get alternative statistical indicators as we increase our collaboration with the real sector and build a big microeconomic data base. Next year, information transparency will be one of the key monetary policy concepts," the bank added.
The global artificial intelligence market was worth $136 billion in 2022 and is predicted to rise at a compound annual growth rate of 37.3 percent between 2023 and 2030.
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