The Korean Statistical Office, in collaboration with the Organization for Economic Cooperation and Development (OECD), is hosting an international conference on September 21st, at the Walkerhill Hotel in Seoul, under the theme “Novel Data for Economic Resilience.” The conference aims to introduce innovative techniques for timely and accurate statistical reporting using new data sources, such as big data, and discusses ways to produce and utilize high-quality data through natural language processing and Nowcast.
In a rapidly changing global landscape, the need for measuring economic trends and policy impacts with timeliness and accuracy has never been greater. This conference is an opportunity for international organizations, government agencies, and private enterprises to share various techniques and policy challenges in producing more timely and granular data using big data and new data sources.
Mr. Lee Hyeong-il, the Director of the Korean Statistical Office, emphasized the significance of this conference, stating, “Conventional economic statistics, based on surveys and traditional data sources, have limitations in rapidly understanding economic phenomena. Therefore, there is a growing demand for timely statistical reporting using new data sources to support economic policies.”
He further highlighted that the collaboration with the OECD, a leading international organization, in sharing Korea’s experience in data innovation, including initiatives like the “Business Statistics Registration System” and “Nowcast,” can contribute to the data innovation efforts of other countries.
Paul Schreyer, Director of the OECD’s Statistics and Data Directorate, expressed his gratitude to the Korean Statistical Office for its role in promoting data innovation in various discussions and conferences, including the United Nations (UN) Collaborative “Data Stewardship and Data Sharing Security” conference in November 2022. He also expressed the OECD’s commitment to continuing and expanding collaboration with the Korean Statistical Office in the field of data innovation.
The conference features three sessions, including a keynote speech by Albert F. Park, Senior Economist at the Asian Development Bank (ADB). Topics covered include the Korean Statistical Office’s “Real-time Economic Indicators through Nowcast” and “Business Statistics Registration System” initiatives, as well as the OECD’s discussions on “Natural Language Processing (NLP) for Labor Market Information Transformation” and “Utilization of Automatic Identification System (AIS) for Trade Statistics.”
Additionally, private sector data innovation cases, such as the Bank of Korea’s “News Sentiment Index through Machine Learning” and the financial sector’s “MyData” initiative, will be shared during the conference.
This conference marks the beginning of expanded cooperation between the Korean Statistical Office and the OECD’s Statistics and Data Directorate in hosting working-level expert meetings on data innovation in various fields, contributing to the global spread of data innovation initiatives.