Using the SARIMA Model to Forecast the Fourth Global Wave of Cumulative Deaths from COVID-19: Evidence from 12 Hard-Hit Big Countries

The COVID-19 pandemic is a serious threat to all of us. It has caused an unprecedented shock to the world’s economy, and it has interrupted the lives and livelihood of millions of people. In the last two years, a large body of literature has attempted to forecast the main dimensions of the COVID-19 outbreak using a wide set of models. In this paper, I forecast the short- to mid-term cumulative deaths from COVID-19 in 12 hard-hit big countries around the world as of 20 August 2021. The data used in the analysis were extracted from the Our World in Data COVID-19 dataset. Both non-seasonal and seasonal autoregressive integrated moving averages (ARIMA and SARIMA) were estimated. The analysis showed that: (i) ARIMA/SARIMA forecasts were sufficiently accurate in both the training and test set by always outperforming the simple alternative forecasting techniques chosen as benchmarks (Mean, Naïve, and Seasonal Naïve); (ii) SARIMA models outperformed ARIMA models in 46 out 48 metrics (in forecasting future values), i.e., on 95.8% of all the considered forecast accuracy measures (mean absolute error [MAE], mean absolute percentage error [MAPE], mean absolute scaled error [MASE], and the root mean squared error [RMSE]), suggesting a clear seasonal pattern in the data; and (iii) the forecasted values from SARIMA models fitted very well the observed (real-time) data for the period 21 August 2021–19 September 2021 for almost all the countries analyzed. This article shows that SARIMA can be safely used for both the short- and medium-term predictions of COVID-19 deaths. Thus, this approach can help government authorities to monitor and manage the huge pressure that COVID-19 is exerting on national healthcare systems.