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CBN Journal of Applied Statistics (JAS)

Keywords

Data generation, economy development, MDA's

Abstract

In this presentation, attention is focused on data generation for the purposes of reasoning, discussing and calculating the status, process and prospects of economic development. Economic development has also been defined in various ways. Again for the present purposes, economic development will be conceived as the process of economic growth and structural transformation (Ajakaiye, 2002). Clearly, data, as a gathered body of facts about the economy, is a basic requirement in the process of economic growth and transformation. Foremost, facts about the economy are necessary in order to appreciate the current state of the economy in terms of growth and structural change. It is also required to understand the functioning of the economic system and how the growth and structural changes are occurring. On the basis of the knowledge of state and functioning of the economic system, plausible, realistic and attainable targets of growth and structural change can be set for the economy over a specified period of time, be it short (annual or quarterly or monthly), medium (typically 5 years) and long term (usually 10 years and beyond).

Author Bio

The author is an Executive Chairman, African Centre for Shared Development Capacity Building, University Post Office, Ibadan, Nigeria.

Publication Title

CBN Journal of Applied Statistics 2012

Issue

1

Volume

3

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