1. Session 4: Discussion Shlomo Yitzhaki Israel Considerations regarding future revisions of SNA Kirsten Wismer, Director of Economic Statistics, Statistics Denmark Justification, criteria, implementability considerations for revisions – developing country perspective Omi Kelsom Elias, Director, National Accounts Statistics Division, Department of Statistics, Malaysia Governance, mandate and functions Karen Wilson, Director General, System of National Accounts Branch, Statistics Canada 18 November 2008 High Level Forum for the Long-Term Development of the SNA

2. Targets of National Accounts International comparisons of level of well- being (or Economic Strength) Internal purpose: identifying the business cycle

3. Is it a question of administrative capacity Prices are a function of income distribution and income distribution is a function of prices Difference between value and price (19 th century water vs. diamonds). Non-tradable Difference in valuation of non-market activity (e.g. human capital as a consumption good, over education).

4. The starting point Easy to make irrelevant valuations Need to prevent comparison of non- comparable (unobserved economy, Different involvement of government) different Imputations: need to differentiate between stocks and flows Conclusion: No easy solution

5. Stat-Denmark recommendations No continuous updating and stability Required for comparability both over time and between countries 25 years – seems like a starting offer Procedures laid down up front – reasonable Close cooperation with other statistical areas - not clear. Who is responsible?

6. STAT-Denmark- recommendations NA is a core of a broader… A recommendation for satellite accounts – less ambitious more practical

7. Department of Statistics, Malaysia recommendations Developing Countries Define milestones and levels Question: Is it worth to divide into categories Allocate Resources and an organizer Program should be defined and agreed upon

8. Governance- Statistics Canada Establishing of research agenda- academic views Question: May be unbalanced Consensus building process Question: How to do it? Final Governance.. Question: Is there an alternative?