Abstract

This paper proposes a new framework for maintaining and updating International Macroeconomic Statistical Standards (IMSS) going forward, building on the successful recent updates of the SNA and BPM. The framework has been developed by a Task Team of high-level experts including from the IMF, UN, OECD, and World Bank, as well as NSIs and NCBs, representing various macroeconomic statistical domains.
It provides a series of concrete recommendations that should enhance the relevance, consistency, efficiency and timeliness of IMSS-updates.
Amongst others, the framework proposes to standardize terminology and definitions for updating the maintenance and update process, proposes a well-governed IMSS-wide research program to prioritize research projects, and suggests ways to ensure wide and transparent stakeholder consultations and decision making processes involving all relevant governing bodies and committees.