Economic data accuracy: private institutes urged to play due role

Leading economist Dr Shahid Hasan Siddiqui said that government estimate of attaining 6.5-7 percent growth is optimistic though he added growth slightly higher then 6 percent is possible.
He added 3.5 percent agri growth suggests poverty would increase at current growth pace doubting authenticity of the numbers and said these are government initial estimates and will have to wait report is out. He stated this while talking to AAJ Markets, about the half yearly economic review.
He said former State Bank governor has mentioned in his book that poverty is on a rise in the country besides World Bank, ADB and IMF has recently reported. Further he said large scale manufacturing growth by 14.50 percent, 33 percent in automobile electric appliance both are assembly units and growth out here is due to high growth, which is contributing to higher inflation, trade deficit and lower national saving rates, rising inflation would nudge interest rate higher and it would dampen large scale manufacturing growth.
About the data authenticity he mentioned World Bank has recently said it is in the Pakistan to have credible data source, as only accurate data would lead to proper planning. Business school, private institutions and even political parties should create their economic wings and share beyond just printing so called white papers. He added an independent statistic bureau would help in this regard.
Timely and accurate information is vital in furnishing economic decisions. Federal Bureau of Statistics performs this task and private parties negligible in this area. For example in the West along with government entities research and educational institutes also contributes. For example, in Germany, Institute of Research (IFO) on monthly basis released economic picture. In the United States University of Michigan also furnish their consumer confidence.
Prime Minister Shaukat Aziz has approved establishment of Pakistan Bureau of Statistics. Agriculture Census Organisation, Population Census Organisation and Federal Bureau of Statistics will be merged to create Pakistan Bureau of Statistic. Prime Minister has said that production of reliable, authentic, timely and transparent data compatible with the needs of the economy and socio economic developments is the requirement of the nation. This restructuring plan will be submitted to the cabinet for approval and restructuring will be completed by the end of June 2006. Board of governor will run the bureau on the model of CBR and it will have economics statistics division, census and survey resource management division and support services division.