On March 9, 2018, the Executive Board of the International Monetary Fund discussed the report, Overarching Strategy on Data and Statistics at the Fund in the Digital Age, supporting its forward-looking approach to gathering, processing, and sharing economic data and statistics.
The paper – which lays out the Fund’s first-ever overarching strategy on data and statistics -comes at a critical time, amid a fast-changing data landscape, new data needs for evolving surveillance priorities, and calls from across the membership for assistance in further improving the quality of economic data.
“The strategy focuses on three “I”s: integration, innovation, and intelligence,” said Louis Marc Ducharme, chair of the working group behind the report and head of the IMF Statistics Department. “Integration by bringing into alignment fragmented initiatives. Innovation by working to take advantage of Big Data. And intelligence by leveraging artificial intelligence for analyzing data and statistics.”
The strategy encompasses six priorities: (i) agility in the identification of data needs; (ii) building the global data commons—an integrated network of member country websites publishing data essential for surveillance on a pre-announced schedule; (iii) supporting the use of Big Data and other innovations; (iv) securing seamless access and sharing of data within the Fund; (v) promoting the production of data that are comparable across countries; and (vi) addressing weaknesses in official data.
An explanation of any qualifiers used in the summing up can be found here: http://www.imf.org/external/np/sec/misc/qualifiers.htm