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DEVELOPING INTEGRATED ECONOMIC ACCOUNTS FOR GLOBAL VALUE CHAINS
Nadim AhmadHead of Trade and Competitiveness Statistics, OECD
NBS-OECD Workshop on National AccountsGuangzhou, December 2 – 5, 2014
2
SETTING THE SCENE
3
Statistics and Policy
• Increasing international fragmentation of production has obscured ability of conventional statistics to inform policy..... at the same time as demand for statistics in this area is greatest– Gross trade statistics multiple count flows– Few statistics on exporting & importing firms– Scant information on foreign affiliates (home and
abroad) • Particularly given increased importance of flows in IPPs
• And where data does exist it is often not internally consistent, reflecting different surveys, coverage, concepts, units – FATS/FDI/TEC/Trade data/National Accounts
4
OECD-WTO TiVA initiative
• Was the first part of the response to growing policy needs
5
TIVA
Why TiVA?
Gross trade statistics increasingly ‘multiple count’ flows in intermediates as the production process develops over several countries …
6
AB
C
Gross exports (110)
Value-added (10)
Value-added (100)
Country
Country Country
Gross exports (intermediates) (100)
Why TiVA?
.. meaning that gross trade statistics may create ‘misleading perceptions’ and imperfect policies
7
8
For example….
• Where are our export markets? • Which sectors create most value and jobs? • Does protectionism work? Is it counter-
productive– Are there costs on importers of intermediates,
particularly when they are significant exporters.
– What about those firms further upstream providing inputs to the imports?
• How should we interpret bilateral trade balances?
9
How can we respond?
• By measuring the value that is added by individual firms in the production process
AB
C
Gross exports (110)
Value-added (10)
Value-added (100)
Country
Country Country
Gross exports (intermediates) (100)
10
HOW?
How do we measure TiVA?
• Using a global IO table
11
An Inter-country I-O table
Sector 1 Sector 2 Sector 1 Sector 2 Country A Country B
Sector 1: Goods Z11AA Z12
AA Z11AB Z12
AB F1AA F1
AB
Sector 2: Services Z21AA Z22
AA Z21AB Z22
AB F2AA F2
AB
Sector 1: Goods Z11BA Z12
BA Z11BB Z12
BB F1BA F1
BB
Sector 2: Services Z21BA Z22
BA Z21BB Z22
BB F2BA F2
BB
NTZ1A NTZ2
A NTZ1B NTZ2
B NTFA NTFB
TIZ1A TIZ2
A TIZ1B TIZ2
B TIFA TIFB
Value- Labor compensation VL1A VL2
A VL1B VL2
B
Added Operating surplus VO1A VO2
A VO1B VO2
B
Tax less subsidy on production VT1A VT2
A VT1B VT2
B
X1A X2
A X1B X2
BOutput
Tax less subsidy on products
International trade margin and insurance
Final DemandCountry BCountry A
Country A
Country B
National I-O tablesProduction linkageFinal expenditureIncome (Value-added)Import procurement info
+Bilateral Trade Database
by industry and end-use categories (intermediates, capital and consumption goods)
12
The current OECD Inter-Country I-O model
57 economies + Row, 1995-2009, 37 sectors
13
OECD All OECD 34 countries
BRIICSBrazil, China, India, Indonesia, Russian Federation, South Africa
Other EU27Bulgaria, Cyprus, Latvia, Lithuania, Malta, Romania
Other G20 Argentina, Saudi Arabia
Other South Eastern Asia
Brunei Darussalam, Cambodia, Malaysia, Philippines, Singapore, Thailand, Viet Nam
Other Eastern Asia Chinese Taipei, Hong Kong ChinaOther Rest of the World
December: Plus, Colombia, Costa Rica, Croatia, Tunisia and 2011 – 34 sectors released
TiVA on OECD.STAT – industry list
14
15
TiVA 2014 – Industry ListIO Industries
ISIC Rev.3 Industry
1 01t05 Agriculture, hunting, forestry and fishing2 10t14 Mining and quarrying3 15t16 Food products, beverages and tobacco4 17t19 Textiles, textile products, leather and footwear5 20 Wood and products of wood and cork6 21t22 Pulp, paper, paper products, printing and publishing7 23 Coke, refined petroleum products and nuclear fuel8 24 Chemicals and chemical products9 25 Rubber and plastics products10 26 Other non-metallic mineral products11 27 Basic metals12 28 Fabricated metal products except machinery and equipment13 29 Machinery and equipment n.e.c 14 30,32,33 Computer, electronic and optical products 15 31 Electrical machinery and apparatus n.e.c16 34 Motor vehicles, trailers and semi-trailers17 35 Other transport equipment18 36t37 Manufacturing n.e.c; recycling19 40t41 Electricity, gas and water supply20 45 Construction21 50t52 Wholesale and retail trade; repairs22 55 Hotels and restaurants23 60t63 Transport and storage24 64 Post and telecommunications25 65t67 Finance and insurance26 70 Real estate activities27 71 Renting of machinery and equipment28 72 Computer and related activities29 73, 74 Other Business Activities (incl. R&D)30 75 Public admin. and defence; compulsory social security31 80 Education32 85 Health and social work33 90t93 Other community, social and personal services34 95 Private households with employed persons
16
TiVA 2014 ... plus
• A TiVA ‘Cookbook’ – How TiVA is constructed, including do’s
and don’ts
• And more timely TiVA – ‘nowcasting’ with quarterly trade data
17
NATIONAL DATA REQUIRED
Bilateral Trade statistics
An international IO table requires high quality international trade statistics– Asymmetries & missing data– Re-exports– Additional information on cif/fob adjustments– Rules for dealing with confidentiality– Supporting Import flow matrices– Estimates of non-residents and residents
expenditure abroad– An ability to reconcile merchandise trade/TIS
flows with National Accounts SU and IO tables. 18
19
Merchandise trade asymmetries - examples
Top 5 export asymmetries (countries) for Colombia Top 5 import asymmetries (countries) for Colombia
Reported exports
Mirror imports
X-M% RA (abs)
Reported imports
Mirror exports
M-X% RA (abs)
1 USA 22,216 25,225 -3,008 6.3% 1 China 9,565 6,229 3,336 21.1%2 Germany 395 1,782 -1,387 63.7% 2 USA 14,140 16,395 -2,254 7.4%3 Netherlands 2,503 1,355 1,148 29.8% 3 Mexico 6,362 5,592 770 6.4%4 United Kingdom 1,129 1,639 -510 18.4% 4 Canada 1,133 829 304 15.5%5 Israel 526 17 509 93.7% 5 Korea 1,288 1,468 -180 6.5%
Top 5 export asymmetries (countries) for Costa Rica Top 5 import asymmetries (countries) for Costa Rica
Reported exports
Mirror imports
X-M% RA (abs)
Reported imports
Mirror exports
M-X% RA (abs)
1 USA 4,307 12,303 -7,996 48.1% 1 USA 9,519 7,198 2,321 13.9%2 China 327 5,270 -4,944 88.3% 2 China 1,446 902 544 23.2%3 Netherlands 850 4,114 -3,264 65.8% 3 Japan 561 954 -393 26.0%4 Mexico 315 3,259 -2,944 82.4% 4 Mexico 1,187 993 194 8.9%5 Singapore 62 746 -684 84.6% 5 Israel 44 231 -187 68.0%
Top 5 export asymmetries (countries) for Korea Top 5 import asymmetries (countries) for Korea
Reported exports
Mirror imports
X-M% RA (abs)
Reported imports
Mirror exports
M-X% RA (abs)
1 China 134,322 168,728 -34,406 11.4% 1 Singapore 9,676 16,576 -6,900 26.3%2 Mexico 9,042 13,341 -4,299 19.2% 2 China 80,782 87,674 -6,892 4.1%3 Germany 7,510 10,838 -3,328 18.1% 3 Japan 64,363 61,538 2,825 2.2%4 France 2,827 5,601 -2,774 32.9% 4 Russia 11,354 13,865 -2,512 10.0%5 Singapore 22,888 25,626 -2,738 5.6% 5 Australia 22,988 20,541 2,447 5.6%
20
Services Trade asymmetries - examples
Top 5 services export asymmetries (countries) for United Kingdom Top 5 services import asymmetries (countries) for United KingdomReported
exportsMirror
imports X-M
% RA (abs)
Reported imports
Mirror exports M-X
% RA (abs)
1 USA 60,147 45,669 14,478 13.7% 1 USA 29,038 52,970 -23,932 29.2%
2 Germany 16,666 26,349 -9,683 22.5% 2 Ireland 6,391 20,924 -14,533 53.2%
3 Spain 8,375 17,489 -9,115 35.2% 3 Germany 14,018 28,277 -14,259 33.7%
4 Australia 8,979 5,271 3,708 26.0% 4 Spain 15,008 26,614 -11,606 27.9%
5 Korea 2,173 5,096 -2,924 40.2% 5 Netherlands 6,244 13,347 -7,103 36.3%
Top 5 services export asymmetries (countries) for Korea Top 5 services import asymmetries (countries) for KoreaReported
exportsMirror
imports X-M
% RA (abs)
Reported imports
Mirror exports M-X
% RA (abs)
1 USA 15,858 11,025 4,833 18.0% 1 USA 26,831 16,767 10,064 23.1%
2 United Kingdom 3,765 615 3,150 71.9% 2 Japan 8,934 3,465 5,469 44.1%
3 Japan 9,954 8,018 1,936 10.8% 3 United Kingdom 5,096 2,173 2,924 40.2%
4 Canada 1,362 355 1,007 58.6% 4 Germany 4,315 2,878 1,437 20.0%
5 France 837 1,236 -399 19.2% 5 France 1,609 2,499 -890 21.7%
Top 5 services export asymmetries (countries) for Luxembourg Top 5 services import asymmetries (countries) for LuxembourgReported
exportsMirror
imports X-M
% RA (abs)
Reported imports
Mirror exports M-X
% RA (abs)
1 Germany 12,224 5,137 7,087 40.8% 1 Germany 5,600 9,994 -4,393 28.2%
2 United Kingdom 9,679 2,829 6,850 54.8% 2 USA 2,610 6,018 -3,408 39.5%
3 Ireland 988 7,106 -6,118 75.6% 3 Italy 2,614 1,064 1,551 42.2%
4 Belgium 6,349 3,853 2,496 24.5% 4 France 4,139 5,622 -1,483 15.2%
5 France 7,262 5,013 2,250 18.3% 5 United Kingdom 5,141 4,031 1,110 12.1%
21
Supply-Use and Input-Output Tables
– Supply-Use: Tables at Purchasers and Basic Prices….. preferably every year ……• but if not: at the very least periodically and
recent, with supporting National Accounts information on value-added and output by industry and all categories of final demand
– And supporting import flow tables
22
TIVA HIGHLIGHTS AND
POLICY IMPLICATIONS
Policy implications: services matter
• GVCs have changed the nature of competitiveness – Fragmentation of Production means that
improving competitiveness in exporting sectors is as much about efficiencies upstream as it is in the exporting sector.
– This includes services – both imported and domestically provided.
230.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
IDN
CH
N
CH
L
MEX
RU
S
NO
R
BR
A
CA
N
ZAF
KO
R
SVK
CZE
AU
S
JPN
HU
N
PO
L
SVN
NLD
TUR
NZL ITA
DEU
USA
CH
E
EST
FRA
ISR
AU
T
SWE
PR
T
FIN
IND
DN
K
BEL
ESP
GB
R
ISL
IRL
GR
C
LUX
Domestic content Foreign content Total 1995
Policy implications: services matter
• Access to efficient services (services trade liberalisation) through all modes of supply, including through foreign presence (Mode 3)
• Improving behind the border measures that restrict services imports via all modes; OECD STRI illustrates that significant gains can by made through uni-, pluri-, and multi-lateral actions
24
0%
10%
20%
30%
Agr
icul
ture
Min
ing
Foo
d pr
oduc
ts
Tex
tiles
& a
ppar
el
Woo
d &
pap
er
Che
mic
als
&
min
eral
s
Bas
ic m
etal
s
Mac
hine
ry
Ele
ctric
al
equi
pmen
t
Tra
nspo
rt eq
uipm
ent
Oth
er
man
ufac
ture
s
Foreign service contents Domestic service contents 1995 Total
Policy implications: protecting who?
• Significant import content of exports means that protectionist measures can be counter-productive
• Affecting competitiveness of exporters using the imports
• But also upstream exporters providing intermediates subsequently re-imported
Import content of Exports, all countries and China
25
26
Significant share of total intermediate imports used in exports in many countries
Policy implications: tariffs can be multiplicative
27
Policy implications: trade facilitation
• Trade facilitation: transforming border bottlenecks into global gateways
OECD Trade Facilitation Indicators
• Standard setting: avoiding unnecessary restrictions28
3.0%
2.3%
1.6%
2.7%
2.2% 2.1%
2.8%2.4%
1.6%
2.1% 2.0%
1.1%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
Documents Automation Information availability
Documents Procedures Automation Procedures Automation Governance and
impartiality
Automation Information availability
Advance rulings
Low income Lower middle income Upper middle income OECD
29
Regions still matter
Domestic; 60.7%
Germany; 8.2%
US; 3.6%
Italy; 3.2%
OtherEurope; 14.8%
Asia; 4.4% Rest of the world; 5.1%
France: Motor vehicles, 2009
Domestic; 69.1%
US; 2.4%
UK; 2.4%
France; 2.1%
OtherEurope; 16.3%
Asia; 3.4% Rest of the world; 4.4%
Germany: Motor vehicles, 2009
Domestic; 40.6%
US; 20.1%
China; 9.6%
Japan; 9.4%
Europe; 7.4%
Other Asia; 6.8%
Rest of the world; 6.1%
Mexico: Electronics, 2009
Domestic; 55.4%
China; 12.1%
Chinese Taipei; 4.7%
Japan; 4.1%
Europe; 5.6%
Other Asia; 8.3%
Rest of the world; 9.9%
Korea: Electronics, 2009
Regions still matter
• TiVA data may provide insights for increased export penetration within regional GVCs.
30
Who trades with who?
• GVCs complicate the way we view interactions between producers and consumers, and TiVA highlights the true nature of these linkages
31
0
5
10
15
20
25
30
35
40
2009 1995 2009 1995 2009 1995 2009 1995 2009 1995 2009 1995 2009 1995 2009 1995 2009 1995 2009 1995 2009 1995 2009 1995 2009 1995
Chinese Taipei
Japan Korea Malaysia Thailand Hong Kong, China
Singapore Philippines India Indonesia Viet Nam Cambodia Brunei Darussalam
Value-Added Gross
32
The more distant the countries the more likely that gross trade statistics underestimate the relationship
Change in trade shares based on Value-Added in
-6
-4
-2
0
2
4
6
8
10
TWN KOR
PHL
JPN MYS
AUS
THA
SAU
RUS
EU27 IDN TU
RAR
GBR
A IND CHN ZAF
VNM ISR
KHM CAN
MEX
Exports Imports
-3.5
-3
-2.5
-2
-1.5
-1
-0.5
0
0.5
1
PHL
TWN THA
MYS JPN KOR ISR AUS
USA
RUS
EU27 ZA
FIND IDN CA
NVN
M MEX
TUR
CHN
KHM CH
LAR
G
Exports Imports
BrazilUnited States
33
… with significant changes in bilateral trade balances
0.0
5.0
10.0
15.0
20.0
25.0
30.0
USA JPN DEU GBR FRA CAN KOR RUS ITA AUS IND ESP MEX NLD HKG
Gross exports (EXGRSH) Domestic value added in foreign final demand (FDDVASH)
0.0
5.0
10.0
15.0
USA JPN DEU KOR AUS SAU TWN RUS BRA FRA IND ITA GBR CAN MYS
Gross imports (IMGRSH) Foreign value added in domestic final demand (FDFVASH)
-100,000
-50,000
0
50,000
100,000
150,000
200,000
250,000
USA GBR MEX FRA NLD VNM THA JPN BRA MYS TWN KOR
2009 Gross Trade surplus/deficit (TSGR) 2009 Value Added surplus/deficit (TSVAFD)
34
But …
• Important to remember that TiVA provides a macro-view, with averages and assumptions => the screwdriver view requires drilling down ...
• … significant insights into GVCs and competitiveness can be gained through complementary statistics
35
LINKING TRADE AND BUSINESS REGISTER DATA
TO ... STRUCTURAL BUSINESS STATISTICS
Relatively few firms export
(2008 data)
But ‘many’ large firms do …
(2008 data)
… and are responsible for considerable shares of exports …
39
… with a higher export intensity …
40
… and higher import intensities?
Ownership matters …
(% of total* export accounted for by top # enterprises)
* For EU countries, data refer to extra-EU exports instead of total
Austri
a
Czech
Rep
ublic
Eston
ia
Finla
nd
Franc
e
Germ
any
Hunga
ryIta
ly
Luxe
mbo
urg
Polan
d
Portu
gal
Slova
k Rep
ublic
Sweden
Unite
d Kin
gdom
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Foreign controlled as % of firms % exports% imports
42
… and foreign owned firms have higher export intensities
43
Even a focus on the top exporters only can help
Most firms only trade with one or two partner countries
PR
T
CA
N*
HU
N
PO
L
SV
K
SW
E
US
A*
LU
X
FIN
NZ
L*
AU
T
SV
N
FR
A
ITA
TU
R*
ES
T
CZ
E
GR
C
DN
K
NL
D
GB
R
ES
P
DE
U0%
20
%4
0%
60
%8
0%
10
0%
1 partner country 2 partner countries 3-5 partner countries 6+ parnter countries
Firms trading with # number of partner countries, % total trading firms
45
... provides• complementary insights, but …• … may not always be coherent across datasets
Integration into the core accounting framework can overcome incoherence AND improve quality of TiVA through the measurement of heterogeneity, in a cost effective way – capitalising on existing data
Linked data and FATS data ...
46
BUT TIVA IS ONLY PART OF THE STORY
Strong policy need for …
• Jobs Skills? And productivity for the upgrading story ... tasks not activities– Information by ISCO?
• Investment? – Creating a Trade-Investment Story
47
Jobs in the business sector* sustained by foreign final demand
48
* Business sector = ISIC Rev.3 divisions 10 to 74)
Source: OECD, Science, Technology and Industry Scoreboard, 2013
As a % of total business sector employment
But where challenges exist in measuring relative
productivity between exporting and non-exporting
firms and where greater coherence between jobs and value-added data is needed
49
Coherence ,coherence, coherence
• Coherence between jobs and value-added data ... a long standing need
• Heightened by GVC policy needs, especially as relative labour productivity of ‘GVC’ firms is likely to be higher
• Which includes differentiating between informal/formal activities
• And to fully understand GVCs – links to skills
Why Investment?
• Because value added does not always stick (compensation for use of knowledge based assets – where increasingly registration is determined by tax environment)
• And … statistically, the line between trade in services and property income is becoming more blurred, distorting value-added measures, …– requiring an extended accounting framework
that differentiates between foreign and domestically owned firms.
50
Value Added of Foreign Affiliates – share of national total 2009 (ISIC B-N, excluding K)
51
Irela
nd
Hungary
Luxem
bourg
Slova
k Republic
Czech
Republic
Estonia
Poland
Sweden
United K
ingdom
Denmark
Norway
Netherla
nds
Austria
Finla
nd
Portugal
Germ
any
Slove
nia
France
SpainIta
ly0%
10%
20%
30%
40%
50%
60%
China’s hi-tech exports
52
2002 2003 2004 2005 2006 2007 2008 20090%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Others
Foreign wholly owned companies
Sino-Foreign Joint Ventures
Chinese State Owned
Source:
The contribution of foreign affiliates to domestic value added in exports, 2009.
Source: OECD AMNE and TiVA databases 53
Source: OECD illustrative estimates
Ireland’s VA to export ratios?
54
Chemicals ICT Total Economy0%
10%
20%
30%
40%
50%
60%
VA-Export (TiVA) RatioEx US affiliate GOS
Source: OECD illustrative estimates
Increase in US TiVA trade balance, adjusted for US affiliate trade in Ireland, 2009 $bn
55
Belgium France Germany Italy Japan Spain United Kingdom
0
0.5
1
1.5
2
2.5
3
3.5
China’s Trade surplus with the US?
56
100110120130140150160170180190200
$62bn
$16bn
Source: OECD illustrative estimates
Planned extensions
• Jobs Skills?– Information by ISCO?
• Investment? – Creating a Trade-Investment Story
• Improving quality– Dealing with heterogeneity
57
58
TiVA key assumptions, …
(1)All firms allocated to a particular industry have the same ‘ production’ function
(2)For a given product, imports by industries (firms) are sourced from the same mix of countries
59
but ...
• We know these assumptions don’t generally hold (especially with 2008 SNA). – Exporting firms typically import more– And have higher labour productivity than non-
exporters (in the same industry)
• Meaning that import content of export estimates are downward biased
• Requiring new approach to developing SU tables that better reflects today’s global production: – Linking across datasets
60
AN INTEGRATED ACCOUNTING FRAMEWORK
Expert Group on Extended SU tables
• To create an integrated economic accounting framework for globalisation
• More detailed SU tables:– Imports
• With all products at fob and separate column for residents expenditure abroad• Broken down by firm characteristics – and used to inform import flow tables
– Industries• More heterogeneity: Foreign/Domestic, Export/non-export, S/M/L
– Exports• Broken down by firm characteristic
– In the export column but also as an ‘of-which’ of output
• With non-residents expenditure and re-exports separately identified
– With transparent adjustments for some non-observed items (e.g. own account agricultural production)
– Jobs by industry row– Emissions by industry row– With new rows for property income flows: interest, distributed income of
corporations, reinvested earnings on FDI, investment income disbursements
– And, for BEPS: current taxes on income, wealth, etc 61
Use Table
62
ExporterNon-
ExporterExporter
Non-Exporter
ExporterNon-
ExporterExporter
Non-Exporter
ExporterNon-ExporterExporter Non-ExporterExporterNon-ExporterExporterNon-ExporterTaxes on ProductsSubididies on Products
Total Domestic intermediate Consumption
Total importsTotal intermediate ConsumptionValue-Addedof which
Mixed Income
Compensation of Employees
Gross Operating Surplus
Other Taxes on Production
Other Subsidies on Production
Total Outputof which
own-account production of software
own-account prodduction of R&D
other own-account production
of which - non-
residents expenditure
Industry 1 Industry 2Foreign Domestic Foreign Domestic HHFC GGFC GFCF
Changes in
Inventories
Vauables Exports of which re-exports
Industry 1
Industry 2
Foreign
Domestic
Foreign
Domestic
With exports broken down, ideally, by destination (main
partner countries/regions)
Import Use table
63
ExporterNon-
ExporterExporter
Non-Exporter
ExporterNon-
ExporterExporter
Non-Exporter
Industry 1Industry 2
Total importsTaxes/Subsidies on Imports
Industry 1 Industry 2Foreign Domestic Foreign Domestic HHFC GGFC GFCF
Changes in Inventories
Vauables Exports
of which: Residents
expenditure abroad
With separate tables made available broken down by main
country or region of origin ‘groupings’
Supply Table
64
ExporterNon-
ExporterExporter
Non-Exporter
ExporterNon-
ExporterExporter
Non-Exporter
ExporterNon-ExporterExporter Non-ExporterExporterNon-ExporterExporterNon-ExporterTotal of which
own-account production of software
own-account prodduction of R&D
other own-account production
Memorandum itemIndustry 1 Industry 2
Foreign Domestic Foreign DomesticTotal
Domestic Supply at Basic
Prices
Imports F.O.B
Taxes and Subsidies
on Products Total Supply
of which import taxes
/ subsidies
Industry 1
Industry 2
Foreign
Domestic
Foreign
Domestic
Extensions?
65
ExporterNon-
ExporterExporter
Non-Exporter
ExporterNon-
ExporterExporter
Non-Exporter
Property income payments - to abraod
of which
Interest
Distributed Income of Corporations
Reinvested Earnings on FDI
Investment Income Disbursements
Property Income payments - to abroad
of which
Interest
Distributed Income of Corporations
Reinvested Earnings on FDI
Investment Income Disbursements
Current taxes on income and wealth
Employment
Employees
Hours worked
Co2 emissions
Industry 1 Industry 2Foreign Domestic Foreign Domestic
66
MAINSTREAMING
67
A GVC for TiVA and TiVA+
• OECD is coordinating international effort to mainstream TiVA and Extended SU tables at the heart of the statistical information system
• Building regional networks and partnerships including WTO, Eurostat, UNESCWA, APEC, ECLAC, and ... ESCAP, AfDB to create a single international TiVA database and Inter-Country IO table
• Also working bilaterally with countries to improve underlying national data, and accelerate integration
68
THANK YOU FOR YOUR ATTENTION
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