Measurement of Financial Derivatives. As a major centre for the trading of financial derivatives, it is essential for Singapore to keep abreast of developments in this very complex area and to make the necessary commitment to develop the statistical infrastructure to track and measure such activities.
VI Conclusion
Recent events have confirmed the critical role of accurate, reliable and timely economic and financial statistics within the context of sustainable development. The proper analysis and interpretation of statistical information would facilitate the formulation and implementation of sound economic and financial policies. The increasingly global economy means that problems encountered by one country or economy can spill over rapidly to its neighbours. Thus, it is important for Asian countries as a group, to promote the development of their statistical systems to produce and disseminate timely economic and financial information.
As a small and open economy, Singapore is highly exposed to the vagaries of global trade and investment flows. Singapore has therefore not only supported the several initiatives of the IMF and other international and regional agencies to ensure the development and dissemination of timely, relevant and accurate economic and financial statistics, but have also participated actively in regional and international co-operative efforts. These include the subscription to the SDDS, and the linking of actual statistics to the IMF's data dissemination bulletin board, active participation in the development of the APEC trade and investment database, and the IMF Co-ordinated Portfolio Investment Survey.
However, while the importance of statistics in sustainable development is recognised, the efforts to develop and maintain a good statistical system to provide timely and relevant economic and financial statistics are not insignificant. These efforts are considerable under any circumstances, but are even more daunting in today's increasingly global world with the many financial innovations spawned in the financial markets. As a regional financial centre and a major trading country, Singapore is committed to making the necessary efforts to realise more comparable economic and financial statistics on a more timely basis. Given their importance to sustainable development not only for Asia, but for the world, it is important for all countries to make the same efforts and commitment to promote statistical development. These commitments, together with the principles of openness, transparency and integrity embodied in the SDDS, are essential elements of a stable economic and financial order, and therefore crucial for sustainable development in Asia.
