Internationally Comparable Statistics Importantly Contribute to Design of Policies

Considering the extent of interconnections across countries and interdependance of domestic and external developments, international activities represent an important segment of economies. External sector becomes even more significant in small open economies. Financial crisis has further revealed the importance and scale of economic globalization. Alongside other vulnerabilities that have been revealed during the course of the events, an increased need for better data collection and its analysis has become evident.

As an answer to the crisis, countries are required to present additional, more extensive reports with detailed analyses and the awareness of importance of quality statistics has increased. Institutions are seeking to strengthen their processes in data collection and further analysis. In reviewing of economies' external positions, they have to conduct precise analysis of balance of payments, foreign direct investments, international investment position, foreign reserves, and external debt.

The information are of great input for further policy discussions. It is therefore also important that they are internationally comparable. In conducting statistics, a common language has to be established to ensure comparability of results.

Our 5-day event on Cross-border Position Statistics, to be delivered by the IMF on December 14-18, is designed to offer methodology that is internationally comparable and within the standards set by the IMF's manual on balance of payments and international investment position. Along with the international investment positions and balance of payments, coordinated direct investment and portfolio investment surveys will be covered at the workshop. These are important for capturing world totals and geographic distribution of direct and portfolio investment positions, which help with a better comprehention of international activities.