Flawed GDP Data Hinders Accurate Economic Policymaking Worldwide
The article examines how countries calculate their gross domestic product (GDP) using data from 189 countries. They looked at different methods countries use to measure GDP and found that many countries face challenges in accurately reporting GDP data. Some key issues include outdated base years, varying timeliness in reporting GDP data, and differences in how GDP is calculated. The study shows that half of the countries surveyed have acceptable base years, most countries report annual GDP data, and about 65% provide quarterly estimates. The accuracy of GDP data is crucial for understanding a country's economic health and making informed policy decisions.