Forecasting Mortality Trends: Advanced Techniques and the Impact of COVID-19

The objective of this research is to evaluate four distinct models for multi-population mortality projection in order to ascertain the most effective approach for forecasting the impact of COVID-19 pandemic on mortality. Utilising data from the Human Mortality Database for five countries Finland, Germany, Italy, the Netherlands, and the United States, the study identifies the generalized additive model (GAM) within the age-period-cohort (APC) analytical framework as the most promising for precise mortality forecasts. Consequently, this model serves as the basis for projecting the impact of the COVID-19 pandemic on future mortality rates. By examining various pandemic scenarios, ranging from mild to severe, the study concludes that projections assuming a diminishing impact of the pandemic over time are most consistent, especially for middle-aged and elderly populations. Projections derived from the superior GAM-APC model offer guidance for strategic planning and decision-making within sectors facing the challenges posed by extreme historical mortality events and the uncertain future mortality trajectories.