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Cover Policy Papers
Overarching Strategy on Data and Statistics at the Fund in the Digital Age
International Monetary Fund. Strategy, Policy, & and Review Department
The first data and statistics strategy for the Fund comes at a critical time. A fast-changing data landscape, new data needs for evolving surveillance priorities, and persisting data weaknesses across the membership pose challenges and opportunities for the Fund and its members. The challenges emerging from the digital revolution include an unprecedented amount of new data and measurement questions on growth, productivity, inflation, and welfare. Newly available granular and high-frequency (big) data offer the potential for more timely detection of vulnerabilities. In the wake of the crisis, Fund surveillance requires greater cross-country data comparability; staff and authorities face the complexity of integrating new data sources and closing data gaps, while working to address the weaknesses noted by the IEO Report (Behind the Scenes with Data at the IMF) in 2016. The overarching strategy is to move toward an ecosystem of data and statistics that enables the Fund and its members to better meet the evolving data needs in a digital world. It integrates Fund-wide work streams on data provision to the Fund for surveillance purposes, international statistical standards, capacity development, and data management under a common institutional objective. It seeks seamless access and sharing of data within the Fund, enabling cloud-based data dissemination to support data provision by member countries (e.g., the “global data commons”), closing data gaps with new sources including Big Data, and improving assessments of data adequacy for surveillance to help better prioritize capacity development. The Fund also will work with policymakers to understand the implications of the digital economy and digital data for the macroeconomic statistics, including new measures of welfare beyond GDP.
Keywords:
PP; director; data landscape; consumer sentiment; Fund staff estimate; data commons; data weakness; big data experiment; Big data; Data dissemination; Special Data Dissemination Standard (SDDS); Global
Cover Policy Papers
Overarching Strategy on Data and Statisticsat the Fund in the Digital Age
International Monetary Fund. Strategy, Policy, & and Review Department

and initiatives, the costs imputable to its vision are envisaged to be modest. Costs will come from the planned stepping up of support for member countries’ efforts to achieve cloud-based data dissemination and support for the use of Big Data, including through a platform for running Big Data experiments and storing and disseminating results. Demand for new skills is expected to be met through re-training of current staff and recruitment of some new staff with specialized skills (e.g., data scientists). 51. The elements of the strategy reflecting the new vision

Keywords:
PP; director; data landscape; consumer sentiment; Fund staff estimate; data sharing; digital economy; big data platform; Fund surveillance; big data idea; Big data; Global