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

## Source details

**Canonical URL:** [Overarching Strategy on Data and Statistics at the Fund in the Digital Age](https://www.imf.org/en/publications/policy-papers/issues/2018/03/20/pp020918imf-executive-board-supports-new-strategy-for-data-and-statistics-in-the-digital-age)

## Other formats

- [Markdown version](/en/publications/policy-papers/issues/2018/03/20/pp020918imf-executive-board-supports-new-strategy-for-data-and-statistics-in-the-digital-age/index.md)
- [Structured JSON version](/en/publications/policy-papers/issues/2018/03/20/pp020918imf-executive-board-supports-new-strategy-for-data-and-statistics-in-the-digital-age/index.json)
- [Bundle manifest](/en/publications/policy-papers/issues/2018/03/20/pp020918imf-executive-board-supports-new-strategy-for-data-and-statistics-in-the-digital-age/bundle-manifest.json)

## Bibliographic details
- Published: March 20, 2018

---

### Context and purpose
- 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.

### Overarching strategic objective
- 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.

### Key components and mechanisms
- 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.

### Anticipated analytical and operational benefits
- 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.*

---

## Content in this bundle

- **Policy Paper**
  - [Policy Paper (Markdown version)](/-/media/files/publications/pp/2018/pp020918-overarching-strategy-on-data-and-statistics-at-the-fund-in-the-digital-age.pdf.md){rel="alternate" type="text/markdown"}
  - [Policy Paper (PDF)](/-/media/files/publications/pp/2018/pp020918-overarching-strategy-on-data-and-statistics-at-the-fund-in-the-digital-age.pdf){rel="external" type="application/pdf"}

---

_Source: https://www.imf.org/en/publications/policy-papers/issues/2018/03/20/pp020918imf-executive-board-supports-new-strategy-for-data-and-statistics-in-the-digital-age_