Found the word 'Nowcasting' in one of the flyer circulated for a research project. The Nowcasting technique to be used in finding solutions for COVID-19 economic impact. If you like forecasting, you will love nowcasting. Data are heavenly in these processes. One of my colleagues use backcasting for his PhD work. His work is really interesting.
Here is an article that briefly explain all three 'casting' processes. Have fun reading.
Backcasting
Nowcasting. CPI is one of my research areas.
Forecasting
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