IMF says pandemic may skew economic data and cause them to be less accurate

United States News News

IMF says pandemic may skew economic data and cause them to be less accurate
United States Latest News,United States Headlines
  • 📰 CNBC
  • ⏱ Reading Time:
  • 60 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 27%
  • Publisher: 72%

Coronavirus pandemic may skew economic data and cause them to be less accurate, IMF says

One crucial hurdle in producing reliable and timely economic statistics during the pandemic is the lockdown measures that have kept the staff of national statistical offices at home, said the IMF.

"For example, the calculation of retail prices often requires physical visits to stores but this is currently not possible in many countries," the fund explained. "Similarly, surveying businesses about their production and investment plans is difficult as many have temporarily shut down or simply do not have the resources to respond to statistical questionnaires," it added.

More accurate and real-time information will help countries continue to respond more effectively to the crisis and start planning for the recovery.Such disruptions would cause data on prices and production — which are critical for monetary policy and fiscal stimulus decisions — to be delayed or estimated based on partial information, according to the IMF.

The ongoing pandemic has also highlighted the importance of frequently updated data that allow policymakers to make "the best-informed decisions," the fund said. Many traditional official statistics "are just not sufficiently up to date to be useful at this time," it added.The IMF said there are ways to overcome those challenges, including using alternative sources of information.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

CNBC /  🏆 12. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Here's what to do when you are close to retirement and a global pandemic hitsHere's what to do when you are close to retirement and a global pandemic hitsIf you're nearing retirement and a global pandemic hits, here's what to do. investinyou (In partnership with acorns.)
Read more »

Top MLB players would keep only 20% of their salaries under new coronavirus planTop MLB players would keep only 20% of their salaries under new coronavirus planMajor League Baseball says the plan is consistent with economic realities facing league due to the Covid-19 pandemic.
Read more »

Factbox: Key spending in Japan's second stimulus package of $1.1 trillionFactbox: Key spending in Japan's second stimulus package of $1.1 trillionJapan will compile a fresh stimulus package worth $1.1 trillion, which would be among the world's largest fiscal plans to cushion the economic blow from the coronavirus pandemic.
Read more »

GM, Ford turn to fast-payment programs to aid suppliers hit by shutdownsGM, Ford turn to fast-payment programs to aid suppliers hit by shutdownsGeneral Motors Co and Ford Motor Co are using fast-payment programs set up with financial lenders to help cash-strapped small suppliers survive production shutdowns caused by the coronavirus pandemic.
Read more »



Render Time: 2025-02-19 16:17:34