Throughout the world, as plans in government agencies or private businesses are made, forecasts of what will occur in future years must invariably be used. In the development of agricultural policy by the Ministry of Agriculture, the expected future levels of production of major commodities must be projected before appropriate export policies can be developed. In, the- setting of monetary policy and the specification of the credit conditions, and Interest rates that will be faced by agricultural producers and other business firms, projections of the amount of credit needed in various sectors and the amount available at different interest rates must be developed.
Boehlje, Michael; Raikes, Ronald; and Harris, Duane, "Economic Projections And Forecasting: Concepts And Techniques" (1977). Economic Staff Paper Series. 121.