Local economists tipped on data use

Local economists and statisticians have been urged to embrace modern technologies to enhance accuracy in data collection, interpretation and analysis. This was revealed during a public lecture in Kigali organised by Economic Policy Research Network (EPRN) in collaboration with the institute of policy analysis and research IPAR-Rwanda. The objective of the lecture, according to Professor Alfred Bizoza, Director of Research, IPAR, was to provide necessary skills and professional training both short-term and long-term to close the capacity gaps and strengthen economic policy research and analysis in Rwanda. “This will help strengthen the individual and institutional capacities to actively conduct economic policy research and analysis to inform economic policy making in Rwanda.” According to Dr Torsten Schmidt, the Deputy Head of research, macroeconomics and public finance department at RWI Germany, embracing modern innovations and technologies will increase accuracy in Index construction and short-term GDP forecast. This will result into timely information on economic activity which is crucial for policy making. The expert expressed concerns about official data on economic activity which is often available with a substantial time lag in most economies thus creating inconsistencies in forecasts. “This is particularly true for national accounts data, which, in addition, is often revised substantially after first publication,” he noted. editorial@newtimes.co.rw

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Local economists tipped on data use