Yusangdae Vice Governor "Big Data and AI Still Have Improvements Needed for Official Statistics Application"

Korea Bank and Korean Statistical Society Joint Forum Welcome Address
"IT Technology Advances Enable Easy Statistical Processing"
"Improvements Still Needed for Official Statistics Application"

Yoo Sang-dae, Deputy Governor of the Bank of Korea, stated on the 13th, "The advancement of IT technologies such as big data and AI has shown the possibility of easily handling massive statistical processing tasks that previously seemed impossible," but added, "There are still areas that need improvement before these can be fully applied to official statistics compilation."

Yoo Sang-dae, Deputy Governor of the Bank of Korea, is speaking at the joint press briefing on the plan to promote the CBDC usability test held on the afternoon of the 4th at the Bank of Korea Integrated Annex in Jung-gu, Seoul. Photo by Joint Press Corps

On the same day, Deputy Governor Yoo attended a joint forum between the Bank of Korea and the Korean Statistical Society held at the multipurpose conference hall of the Bank of Korea annex in Jung-gu, Seoul, themed "Prediction, Explanation, and Response to Economic Changes," where he made these remarks.

Deputy Governor Yoo pointed out, "Over the past few years, our joint forum has discussed the new opportunities and limitations that advancements in IT such as big data and AI provide for statistics compilation and forecasting. While these new technologies have demonstrated the potential to easily perform massive statistical processing tasks that previously seemed impossible, there are still areas that need improvement before they can be fully applied to official statistics compilation."

He continued, "This forum will discuss the volatility and estimation methods of high-frequency time series data widely used in the economic and financial sectors, ways to enhance the predictive power of traditional time series models known for their explanatory strength of economic phenomena, and the latest issues related to impulse response analysis."

He also added, "We will introduce efforts to improve the explanatory power of statistics, such as the recent revision of the base year for the national accounts and the development of the Corporate Business Sentiment Index (CBSI) statistics undertaken by the Bank of Korea."

The Bank of Korea held the joint forum with the Korean Statistical Society for six hours starting at 9 a.m. that day. The event began with an opening address by Kim Dong-wook, President of the Korean Statistical Society, and a welcome speech by Deputy Governor Yoo Sang-dae, followed by a keynote lecture by Professor Hwang Sun-young of the Department of Statistics at Sookmyung Women’s University, paper presentations and discussions by Professor Sung Byung-chan of the Department of Applied Statistics at Chung-Ang University, Professor Lee Tae-wook of the Department of Statistics at Hankuk University of Foreign Studies, Han Nam-young, Manager of the National Income General Team at the Bank of Korea, and Lee Woong, Manager of the Statistics Survey Team at the Bank of Korea.

At the forum, the Bank of Korea and the Korean Statistical Society shared research trends on "time series analysis," which is frequently used in economic and financial situation analysis, and results on "economic statistics’ response to enhance explanatory power" amid increasing economic uncertainty, while exploring future challenges.