I'm new to time-series forecasting, but have a question about more advanced techinques.
I have an aggregate global measure - the average of about 20 countries trends in each year. However, since I only have 8 data points for this global measure (8 years worth), trying to forecast next years figure produces huge confidence bands.
I was wondering whether there is any technique that could make better use of my unaggregated country data in forecasting the global measure? By feeding each individual countries' trend into a model, maybe I can produce a stronger forecast?
I've read through Rob Hyndman's textbook, but couldn't find anything of this type.
I'd really appreciate it if somebody could point me in the right direct, or at least tell me if I'm wasting my time.