A forecast is any statement about the future. Such statements may be well founded, or lack any sound basis; they may be accurate or inaccurate on any given occasion, or on average; precise or imprecise; and model- based or informal...
Since [a forecast] is merely a statement about the future, anything can be forecast. (Clements and Hendry 2002b: 2).
This quote from the introduction to David and Mike Clements' 2002 book A Companion to Economic Forecasting emphasises just how widespread forecasts are—whether as ex ante or ex post forecasts, or as “projections”, alternative simulations, or policy scenarios. As such, forecasts play key roles in economic decision-making by consumers, by firms, and by governments. David's own involvement in economic forecasting evolved from making forecasts (Section 4.1) through an understanding of the nature of forecasts (Section 4.2) to designing ways in which forecasts can be improved (Section 4.3).
4.1