The future of international macroeconomic statistical standards: Toward a coordinated and adaptive research agenda

Abstract

The global economy is in a state of constant transformation, shaped by digital disruption, climate change, shifting demographics, and evolving global value chains. This ongoing change presents challenges not only for researchers, businesses, and governments striving to understand economic realities, but also for macroeconomic statisticians, who must develop and maintain the international statistical standards that support the measurement of economic activity. Recently, the System of National Accounts (SNA) and the Balance of Payments and International Investment Position Manual (BPM) underwent updates; notably, there was a 17-year gap between the previous and current versions, and it is expected to take an additional 5 years for countries to implement the new standards. This article argues that a 25-year cycle from one update's conception to full implementation may no longer be sufficient to meet the needs of users in today's rapidly changing environment. The article contends that the process for updating statistical standards must evolve. It first highlights the SNA/BPM research program over the short to medium term (as it is now understood) and then proposes a path forward for addressing and resolving this research in a more agile and adaptive approach.