Application of Artificial Neural Network in Forecasting Economic Growth in Ho Chi Minh City

Abstract

Economic growth affects the implementation of social policies by changing the structure of the economic sector, forming many new industries, and creating many jobs (Nguyen Duc Trung et al., 2021). Forecasting economic growth on a global, national, or local level is therefore always of particular interest to national governments. The purpose of this paper is to provide scenarios for forecasting economic growth in Ho Chi Minh City in 2021 on a local level. We developed and estimated the economic growth forecasting model using an Artificial Neural Network (ANN) model. Our forecast results in two economic growth scenarios for Ho Chi Minh City in 2021, with growth rates of 1,094% (scenario 1) and -1,715% (scenario 2).