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The Impact of COVID-19 on Farmers’ Economic Income in Hubei Province of China

Mingzhe E, Bin Zhao*, Jinming Cao

This paper discusses the statistical measurement of the impact of COVID-19 major emergencies on farmers’ economic income in Hubei Province. Hubei Province was selected as the object of analysis, and five data of total output value of agriculture, forestry, animal husbandry, fishery and per capita disposable income of farmers in Hubei Province from the first quarter of 2013 to the second quarter of 2020 were collected by using the Internet. Since all the collected data were macroeconomic data, these data were taken the logarithm to meet the economic significance.

The per capita disposable income of farmers was taken as the response variable, and the main factors affecting farmers’ income were obtained by factor analysis.

Livestock husbandry and fishery industries were the main industries in Hubei Province. Then the score of factor analysis were taken as explained variable to establish regression model composed of influencing factors. This paper use the multiple linear regression, support vector regression to fitting and forecasting data, ARIMA model of time series analysis, introduced at the same time, through the AIC model choice, with the first quarter of 2013 to 2019 in the second quarter fitting training, backward prediction two quarters, and three or four quarter of 2019 compared with the real data, through to the predicted results of the sequence diagram and evaluation index model to compare the Mean Square Error (RMSE).

Three models predict per capita disposable income of farmers in the first and second quarter of 2020. It has been found that performance better ARIMA model in the model compare is worse than before, and three kinds of predicted values are higher than the real value of the model, showed the outbreak to the influence of the agricultural economy in Hubei province is serious. On this basis, taking into account the characteristics of geomorphic climate in Hubei province, the constructive suggestions are put forward.