"Master Data Science to Tackle Economic Crises: Bangladesh's Path Forward"

1
Harnessing Data Science for Economic Stability
Analyzing and Forecasting Bangladeshs Current
Crisis
The presentation will explore the role of data
science in understanding and mitigating economic
challenges in Bangladesh. We will examine the
current economic landscape, key indicators,
contributing factors to the crisis, and
data-driven forecasting approaches for informed
decision-making.
2
Bangladesh's Current Economic Landscape
Economic Growth
Inflation
Debt
While Bangladesh has seen impressive economic
growth in recent years, the current economic
landscape is facing several challenges,
particularly in the wake of the global pandemic.
Rising inflation rates have put pressure on
household budgets and hampered economic
stability, impacting the purchasing power of
consumers.
Rising debt levels, both domestic and external,
raise concerns about long-term economic
sustainability and the ability to manage future
economic shocks.
3
Key Economic Indicators and Trends
Indicator
2021
2022
Forecast 2023
GDP Growth
7.2
6.5
6.0
Inflation Rate
5.8
8.5
7.0
Current Account Deficit
-1.5 of GDP
-2.2 of GDP
-1.8 of GDP
4
Factors Contributing to the Current Crisis
Global Economic Downturn
Supply Chain Disruptions
1
2
The global economic slowdown has impacted
Bangladesh's exports and remittances, leading to
a decline in foreign currency reserves and a
widening current account deficit.
Disruptions in global supply chains due to the
pandemic have led to increased costs for raw
materials and finished goods, affecting
production and inflation.
Rising Energy Prices
Climate Change
3
4
The sharp increase in global energy prices has
pushed up inflation and added to the burden on
households and businesses.
The impacts of climate change, including more
frequent and severe natural disasters, have
damaged infrastructure, disrupted agriculture,
and slowed economic growth.
5
Data-Driven Forecasting and Scenario Analysis
Data Collection and Cleaning
1
Gathering and preparing relevant economic data
from various sources, ensuring accuracy and
consistency.
Model Selection and Training
2
Choosing appropriate statistical or machine
learning models based on the data characteristics
and forecasting goals.
Scenario Development and Analysis
3
Creating different scenarios based on potential
economic shocks and analyzing the impact on key
indicators under each scenario.
Model Evaluation and Validation
4
Evaluating the model's performance using
historical data and testing its ability to
accurately predict future trends.
6
Leveraging Machine Learning for Economic Modeling
Data-Driven Insights
Accurate Forecasting
Machine learning algorithms can extract hidden
patterns and relationships from large datasets to
identify key drivers of economic growth and
instability.
Predictive models can forecast economic
indicators, such as GDP growth, inflation, and
unemployment, with greater accuracy and lead time.
Risk Assessment and Mitigation
Policy Optimization
Machine learning can help assess economic risks
and identify potential vulnerabilities, enabling
proactive policy interventions.
By simulating different policy scenarios, machine
learning can help policymakers evaluate the
impact of interventions and optimize economic
outcomes.
7
Insights and Recommendations for Policymakers
Fiscal Policy
Data-driven insights can inform fiscal policy
decisions, such as targeted spending programs and
tax policies to stimulate growth and address
poverty.
Monetary Policy
Data analysis can guide monetary policy
decisions, such as interest rate adjustments, to
control inflation and ensure financial stability.
Structural Reforms
Data insights can help identify key structural
bottlenecks in the economy and guide reforms to
enhance competitiveness and productivity.
Investment and Infrastructure
Data-driven analysis can prioritize investment in
critical sectors and infrastructure projects to
boost economic growth and create jobs.
8
Conclusion Harnessing the Power of Data Science
for Economic Recovery
Data science offers a powerful tool for
understanding the complexities of the economy and
making informed decisions to navigate economic
challenges. By harnessing data-driven insights,
policymakers can implement evidence-based
strategies to foster sustainable economic growth
and improve the well-being of the Bangladeshi
people. linkhttps//www.learnbay.co/datascience/c
hennai/data-science-course-training-in-chennai