MEFM conducts a webinar on understanding macroeconomic statistics during COVID-19 disruptions

From its advent in 2019, the COVID-19 pandemic has negatively impacted economics across the globe, including the MEFMI region. As MEFMI countries continue to grapple with the COVID-19 pandemic, accurate data is one of the most important tools for understanding what is happening in the region and the rest of the world. In particular, macroeconomic data provide information on how the virus and public policy responses are playing out.  Collecting, processing and accurately interpreting macroeconomic data is crucial for policy formulation and analysis. During the MEFMI retreat for Heads of Statistics Departments/Units held in the first quarter of 2022, member countries present agreed that the availability of comprehensive statistics enables governments to use scientific approaches to formulate policies that are more effective in achieving the desired outcomes. Accurate and up to date statistics provide the evidence needed to improve decision making, document results and enhance public accountability. It is against this background that MEFMI conducted a webinar on understanding macroeconomic statistics during COVID-19 disruptions on 17 May 2022. The webinar was conducted in English with simultaneous Portuguese interpretation.

The webinar covered the principal features of the four (4) main macroeconomic accounts (National Accounts, Statement of Government Operations, Balance of Payments, and the Depository Corporation Survey) which were likely to be affected by the COVID-19 disruptions and the interrelations between them. The outbreak of COVID-19 has brought huge challenges to national statistical systems and their operations, increasing the demand for statistics and data as policymakers and the public want to know how the outbreak is affecting various aspects of the economy. Reliance on regular source data for compiling some statistics is becoming increasingly challenging in the COVID-19 environment due to, among others, inability to conduct in-person interviews, and lower survey response rates. Alternative data sources and data collection methods have increasingly been used during the COVID-19 pandemic, these include, the use of phone surveys, web surveys, website activity, business market intelligence, administrative data, model-based estimates, e-commerce, blockchain, and other online services data.

The audience for the webinar included staff involved in compilation and analysis of macroeconomic statistics in Central Banks, Statistics Offices and Ministries of Finance and Planning. There were 345 participants who registered for the webinar.  Of the 345, a record total of 171 officials from 13 MEFMI member countries participated in the webinar. There webinar panel comprised five (5) subject matter experts namely Dr. Anna Lennblad, Independent Consultant and Macroeconomic Statistics Specialist; Mr. Abel N Sindano, Price and Trade Statistics Expert – Namibia National Statistics Agency; Mr. Jan Redeby, Real Sector Statistics Expert; Ms Stella Nkhoma, Gender Statistics Expert; and Dr. Kenneth Egesa, Director at Bank of Uganda. Dr. Sehliselo Mpofu was the moderator for the event and Mr. Fernando Q. Cambundo interpreted.

Prepared by Senei Molapo