Overview of Forecasting Tools in Economic Analysis

As the chief economist for a wealth management firm, you have been asked to provide a comprehensive overview of various forecasting tools used in economic analysis. Your audience consists of financial advisors who need to understand these tools to enhance their investment strategies.

Please discuss at least three different forecasting tools, explaining their methodologies and applications in economic analysis. Additionally, highlight the strengths and limitations of each tool and how they can be leveraged in wealth planning and portfolio management.