Overarching Strategy on Data and Statistics at the Fund in the Digital Age

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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 strategy responds to challenges emerging from the digital revolution, including:
- an unprecedented amount of new data and measurement questions on growth, productivity, inflation, and welfare;
- newly available granular and high-frequency (big) data that offer the potential for more timely detection of vulnerabilities;
- the need for greater cross-country data comparability in the wake of the crisis;
- the complexity staff and authorities face in integrating new data sources and closing data gaps;
- weaknesses noted by the IEO Report (Behind the Scenes with Data at the IMF) in 2016.

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.
Integrate Fund-wide work streams on:
- data provision to the Fund for surveillance purposes,
- international statistical standards,
- capacity development,
- data management,

under a common institutional objective.

Seek seamless access and sharing of data within the Fund.
Enable cloud-based data dissemination to support data provision by member countries (example cited: the “global data commons”).
Close data gaps with new sources including Big Data.
Improve assessments of data adequacy for surveillance to help better prioritize capacity development.
Work with policymakers to understand the implications of the digital economy and digital data for macroeconomic statistics, including new measures of welfare beyond GDP.

More timely detection of vulnerabilities through granular and high-frequency data.
Better cross-country comparability to support Fund surveillance.
Prioritized capacity development informed by improved assessments of data adequacy.
Enhanced understanding and measurement of welfare in the digital economy beyond GDP.

Overarching Strategy on Data and Statistics at the Fund in the Digital Age — March 20, 2018.