Good morning ladies and gentlemen,
Seminars with participants from the Central Banks and National Statistical Offices are enriching experiences. It is not often that national statisticians have the opportunity to meet central bankers to discuss the larger issues in official statistics. The last time we met was in 1999, when we had an international workshop here in Singapore on best practices in statistics. It is opportune that the Consultative Seminar on Governance of National Statistical Systems is now being held here as well.
Importance of Governance in National Statistical Systems
Official statistics are essential inputs to the economic and social development of any country. Not only are reliable data important, the timeliness and comprehensiveness of such data is also essential for policy-making as well as effective decision-making by markets. The Asian financial crisis highlighted this point clearly.
The IMF, in recognition of the importance of data, advocates good governance, accountability and transparency through the promulgation of several new standards and codes, such as the Special Data Dissemination Standards and the Code of Fiscal Transparency. The United Nations Statistical Commission responded with the endorsement of the Fundamental Principles of Official Statistics and updating of the Handbook of Official Statistics.
These international initiatives are important. However, they cannot be all there is to the good governance of national statistical systems.
Characteristics of Good Governance
Good governance of national statistical systems fosters accountability and transparency. It improves responsiveness, cost effectiveness and efficiency. It enhances professional standards and the objectivity of the statistical data. The data produced are of good quality, reliable and relevant.
There is no single formula to achieve this ideal state and there cannot be one. The environment and underlying conditions that the national statistical systems operate in are unique. National statistical systems would have to constantly adapt to change.
Growing Complexity of the Social and Economic Environment
Today's national statistical systems face an increasingly complex social and economic environment. In order for national statistical systems to respond quickly, appropriately and effectively, the drivers of change must be understood.
First, the convergence of IT, communications and information and the increasing pervasiveness of internet bring with them increasingly networked economies and growing pools of those who are internet-savvy.
Second, globalization not only leads to more intensified competition but also greater inter-dependence among economies, resulting in increases in systemic risks and the need to monitor such risks.
Third, the emergence of market economies following the collapse of the Berlin Wall, the break-up of Soviet Union and the embracing of market economies by formerly central-planned economies, highlight the need for a clearly defined role of national statistical systems.
These are just three of the major drivers of change. Nonetheless, they lead to growing demands on the national statistical systems to provide fast, reliable and timely data.
Challenges for the National Statistical Systems
The challenge to governance of national statistical systems is how best to meet these new demands while, at the same time, ensure confidence and trust in national official statistics even as resources such as staff and budgets remain limited.
The stakes are high. The timely availability of good and reliable information is the foundation for sound policy formulation and effective decision making. Confidence and trust in official statistics is as crucial as confidence and trust in the banking system. Each new and ensuing financial crisis or major corporate failure only serves to underscore this basic fact of life. But good governance, particularly in today's increasingly complex and challenging environment is not easy to come by.
In closing, I hope that this consultative seminar would provide a useful platform for the discussion on the core governance issues and that the Chief Statisticians in the consultative seminar will rise up to the challenge of ensuring good governance in their national statistical systems.
Thank you.
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