New economic data standards seek to clarify perspectives on the global economy. The revised System of National Accounts reflects digitalization, intangible assets, and global production more accurately, assisting governments in fostering growth, employment, and investment. The fundamental elements of our digital world, from smartphone applications to new digital assets and AI tools, were not present in 2008, the last time the global statistical community revised its method for standardizing how countries assess their economies. An updated System of National Accounts, the global benchmark for measuring economic activity, now incorporates emerging technologies, digital services, and intangible assets to a greater extent. A comprehensive and wide-ranging modification without exception in sync with the deepened disintegration of geoeconomic conditions is analyzed and updated in March by the United Nations Statistical Commission. As the sixth version in the SNA’s nearly 90-year history, it serves as a worldwide benchmark for national metrics such as production, income, consumption, capital investment, financial activities, and national wealth.

The SNA update is a worldwide initiative overseen by the International Monetary Fund, the United Nations, the World Bank, the European Commission, and the Organization for Economic Co-operation and Development. SNA modernizes the notable contributions from IMF in realms resembling digitalization, commerce, fiscal management, and fintech. These contributions assist in guaranteeing that governments possess the means to make better-informed choices regarding economic growth, job creation, and shock responses. Effective policymaking depends on accurate economic statistics. Measurement across the $114 trillion global economy must keep pace with the accelerating rate of change. Without keeping pace, central banks and finance ministries risk establishing monetary or fiscal policy grounded in incomplete, outdated, or inaccurate information. Enhanced SNA rationale for digital transformation. As an example, even though digital technologies have progressed quickly, the productivity growth documented in a number of developed economies has continued to be slow. This has prompted some researchers to propose that this might partly indicate shortcomings in the measurement of digital activity.

Another significant factor behind the SNA update is the increasing prominence of crypto assets, which posed some of the greatest difficulties in terms of addressing. For instance, Bitcoin has a concrete economic effect due to its high energy consumption in production. Meanwhile, it is not included in the gross domestic product because it is separate from producing goods or services in the long-standing tradition. From a public administration perspective, measuring crypto is important, as it may signify a part of global assets but may have repercussions for upcoming financial robustness, taxation framework, and compliance enforcement. Currently, “non-produced non-financial assets,” a method to consolidate definite crypto assets incorporating national wealth, was formulated by data experts. Crypto analyzing is one method to generate specifications for resilient guidance for all countries by the new SNA. Of course, crypto is just one factor among many for digital transformations across various industries and products. In order to better mirror the digital economy, the SNA advises countries to create a set of indicators that encompass fields like AI, cloud computing, digital intermediation platforms, and e-commerce. In addition to digitalization, the revised SNA addresses lessons learned from the global financial crisis by suggesting methods for improved identification of financial risks and vulnerabilities. With the rapid advancement of financial innovation and the increasing involvement of non-bank financial institutions, these risks may evolve into more intricate forms. The revised SNA calls for financial assets and liabilities to be detailed more thoroughly, by instrument type and institutional subsector, in order to tackle this issue. Another significant enhancement is that the revised SNA provides a more profound insight into the ways in which multinational corporations generate goods and services and allocate profits. This enables national accounts to more precisely reflect the production and income generated by MNCs that delegate manufacturing while maintaining control over design, trademark, and intellectual property.

International supply chains and borderless transactions are ensured by the updates on the Balance of Payments Manual (BPM), which correspond to such enhancements. The updated paradigm enhances the perceptibility of net domestic product (NDP) along with GDP to deliver a more specific representation of stability. The impactful alignment of economic data improves its inclusivity for all intents and purposes, permitting governments, firms, and analysts to steer the difficulties of transactional finance using a consistent statistical framework. NDP accounts for both the depreciation of fixed capital and the depletion of natural resources, which are not included in traditional GDP calculations. According to IMF estimates, NDP is usually 10% to 25% lower than GDP. The reduction impact of non-renewable natural resources is insignificant on NDP, which influences many countries. However, in countries where mining and other extractive industries are significant, this effect is considerable. The statistical agencies recognize that these effects may be determined, intricate, and resource-demanding within a restricted budget. At a rapid pace of fluctuating economy, consistency of economic data is essential for sustainability. As part of the initiative for economic activity through data sources, it is necessary for policymakers to provide national statistical offices with the required resources to utilize modernized specifications and develop high-quality statistics for strategic guidelines. The way forward by 2029 to 2030 is for the IMF to provide direction on technical expertise and development processes towards the progressions on updated SNA and BPM standards.

The Online shopping is a wider market; there are so many pros and cons there. From the economic point of view of preference for online shopping, what are the potential drawbacks? The first one is bargaining power—the bargaining power of the buyer is zero; there is no chance for that in online shopping.

The manufacturing industry can be enlarged in two ways: horizontal integration and vertical integration. Let's see what these two are, one by one. Horizontal integration means a merger with another manufacturer that can produce the same product. This will increase the market share. If that's the case, then we will get the customers of that merger manufacturer.

Method that everyone knows is to produce a product at the lowest price, from the price of the product sold in the market, called the minimum cost of production, as well as the maximum profit. How about it? because we produce it at a low cost from our market price but sell it at market price.