Abstract
Crude Palm Oil Price Forecasting in Malaysia: An Econometric Approach
Highlights
The Malaysian palm oil industry plays an important role in the economic development as well as enhancing the country’s socioeconomic level
This has been proven by the contributions of Malaysian palm oil industry where, for example in 2015, it is the fourth largest contributor to the national income, accounting for RM63 billion of Malaysia’s Gross National Income (GNI)
This study suggests that the utilization of the Artificial Neural Network (ANN) and Autoregressive Fractionally Integrated Moving Average (ARFIMA) models to predict the aforementioned parameter with increased accuracy
Summary
The Malaysian palm oil industry plays an important role in the economic development as well as enhancing the country’s socioeconomic level. This has been proven by the contributions of Malaysian palm oil industry where, for example in 2015, it is the fourth largest contributor to the national income, accounting for RM63 billion of Malaysia’s Gross National Income (GNI). With the experience in the palm oil industry for over 100 years, Malaysia has a comparative advantage in the international market and becomes the market leader in terms of productivity and research and development (R&D). The government has planned and carried out various initiatives and frameworks in order to increase the domination of the Malaysian palm oil industry in the international market and indirectly increase the country’s income.
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