1. National Accounts: The Way Forward? Shlomo Yitzhaki 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 !4 July 2009

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

3. Changes in the environment Globalization (multi-national production, trade) High-tech –Winner takes all Service economy Financial Sector (risk analysis)

4. Users’ Demands Adjustment to Growth Theory Usefulness in predicting crisises Evaluation of Government Efficiency Stiglitz Report Accrual Accounting: Pensions, Human Capital, reputation, risk …etc..

5. 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).

6. 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

7. 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?

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

9. 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?