5 minute readThe accurate and early identification of economic turning points is a longstanding challenge. While in some countries, recession periods are formally determined by business cycle committees – as is the case in the United States – these processes are complex and often take considerable time to conclude. Yet policymakers, economists and financial market participants require more timely signals of shifting economic conditions to support effective and well-informed decision-making.
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4 minute readDigitalisation – the use of digital technologies and data – has radically altered our economies. Whether it’s the way people consume goods and services, the tools and inputs that producers use in production, or the ability for producers to interact with consumers, digitalisation is fundamental to the modern economy. But policy makers have expressed concerns that the digital transformation remains largely hidden in the national accounts and macroeconomic indicators such as Gross Domestic Product (GDP).
To address these issues, the OECD’s Informal Advisory Group on Measuring GDP in a Digitalised Economy has produced the OECD Handbook on Compiling Digital Supply and Use Tables (SUTs). The new handbook proposes a measurement framework for compiling Digital SUTs to provide information on the output and value added of digital industries, amounts of digital goods and services purchased, and the extent to which digital ordering and delivery is taking place.
This is the first in a series of three blog articles, where we will introduce this measurement framework.
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