Setting the Scene - The Need for a New Data Gaps Initiative
IMF News, February 23, 2022
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- Authors: Louis Marc Ducharme Side Event
- Published: February 23, 2022
Context and purpose
- Phase 2 of the Data Gaps Initiative closed in December 2021, resulting in the availability of a comprehensive, standardized, and timely set of data for policy makers to understand the trends and risks in the global financial and economic system, as identified during the 2007–08 Global Financial Crisis.
- The G20 Finance Ministers and Central Bank Governors (FMCBGs) has asked the IMF, in close cooperation with the Inter-agency Group on Economic and Financial Statistics (IAG) and the Financial Stability Board (FSB), to prepare a concept note and a detailed workplan on a new Data Gaps Initiative (DGI).
- Objective of the New DGI: address the most relevant policy needs, and when possible, build on and further develop the established statistical infrastructure, while gathering the political support essential for successful implementation.
- Coordination requirement: carefully coordinate with other existing international statistical workstreams to avoid duplication and exploit synergies.
Scope and focus of the New DGI
- Planned launch: later this year.
- The New DGI will leverage the success of previous DGI Phases 1 and 2, which were collaborative efforts of participating economies and international organizations, supported by an effective peer pressure mechanism and the support of the G20.
- The draft workplan focuses on four topics:
- (1) Climate Change;
- (2) Household Distributional Information;
- (3) Fintech and Financial Inclusion; and
- (4) Access to Private and Administrative data and Data Sharing.
- The development of the workplan has resulted in 14 draft recommendations, of which seven focused on climate change related indicators.
- While focused on G20 and non-G20 FSB member economies, the New DGI provides other economies with an important incentive to develop climate change data and indicators directly related to economies.
Process, consultations, and institutional roles
- The draft workplan was prepared by the IMF in close collaboration with IAG members and the FSB, and includes input from representatives of the Italian and Indonesian G20 Presidencies.
- The initial version benefited from feedback received during several rounds of consultation with compilers and users to ensure a balance between data needs and statistical capacity.
- Consultations are ongoing; progress to date is attributed to sustained and dedicated efforts by participating economies and international agencies.
- The event emphasizes the role of national statistical offices in the New DGI, particularly for climate change related recommendations.
Presentations and engagement at the side event
- The side event is a contribution to the 53rd Session of the UN Statistical Commission and is co-organized with the UN Committee of Experts on Environmental Economic Accounting (UNCEEA) and the UN Statistics Division.
- Presentations referenced:
- Indonesia and Germany will present on how economies are addressing or planning to address data gaps and produce indicators to monitor the transition to a low carbon economy, within the System of Environmental-Economic Accounting (SEEA) framework.
- The program includes a closing panel discussion focusing on the role of national statistical offices and encourages active participant contributions.
Contact and logistics (as listed)
- IMF Press Center: password-protected site for working journalists.
- PRESS OFFICER:
- Phone: +1 202 623-7100
- Email: MEDIA@IMF.org
- @IMFSpokesperson
By Louis Marc Ducharme. Side Event of 53rd Session of the UN Statistical Commission. February 23, 2022.