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DOI: 10.14569/IJACSA.2024.0151205
PDF

Forecasting Unemployment Rate for Multiple Countries Using a New Method for Data Structuring

Author 1: Amjad M. Monir Aljinbaz
Author 2: Mohamad Mahmoud Al Rahhal

International Journal of Advanced Computer Science and Applications(IJACSA), Volume 15 Issue 12, 2024.

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Abstract: Forecasting the Unemployment Rate (UR) plays a key role in shaping economic policies and development strategies. While most research focuses on predicting UR for individual countries, there has been limited progress in creating a unified forecasting model that works across multiple countries. Traditional time series methods are usually designed for single-country data, making it difficult to develop a model that handles data from various regions. This study presents a new data structuring technique that divides time series into smaller segments, enabling the development of a single model applicable to 44 countries using various economic indicators. Four forecasting models were tested: an artificial neural network (ANN), a hybrid ANN with machine learning (ML), a genetic algorithm-optimized ANN (ANN-GA), and a linear regression model. The linear regression model, which used lagged UR values, delivered the best results with an R² of 0.964 and 89.8% accuracy. The ANN-GA model also performed strongly, achieving an R² of 0.945 and 85.1% accuracy. These results highlight the effectiveness of the proposed data structuring method, demonstrating that a single model can accurately forecast multiple time series across different regions.

Keywords: Unemployment rate; artificial neural network; time series; hybrid model; genetic algorithm

Amjad M. Monir Aljinbaz and Mohamad Mahmoud Al Rahhal, “Forecasting Unemployment Rate for Multiple Countries Using a New Method for Data Structuring” International Journal of Advanced Computer Science and Applications(IJACSA), 15(12), 2024. http://dx.doi.org/10.14569/IJACSA.2024.0151205

@article{Aljinbaz2024,
title = {Forecasting Unemployment Rate for Multiple Countries Using a New Method for Data Structuring},
journal = {International Journal of Advanced Computer Science and Applications},
doi = {10.14569/IJACSA.2024.0151205},
url = {http://dx.doi.org/10.14569/IJACSA.2024.0151205},
year = {2024},
publisher = {The Science and Information Organization},
volume = {15},
number = {12},
author = {Amjad M. Monir Aljinbaz and Mohamad Mahmoud Al Rahhal}
}



Copyright Statement: This is an open access article licensed under a Creative Commons Attribution 4.0 International License, which permits unrestricted use, distribution, and reproduction in any medium, even commercially as long as the original work is properly cited.

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