"Economists' Forecast Failures Undermine Credibility Amid Economic Uncertainty"

Economists are facing criticism for inaccurate forecasts on inflation, global supply chain disruptions, and a recession that did not materialize. Factors such as the Covid-19 pandemic, geopolitical tensions, and changing consumer behavior have made it difficult for economists to predict economic trends. Central banks have had to adjust interest rates in response to unexpected inflation, and there is a growing recognition that traditional economic models need to be expanded to incorporate new variables and methodologies.