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Abu Dhabi Department of Economic Development Works on building Business Cycle Economic Indicators in Abu Dhabi In collaboration with the German Agency for Technical Cooperation GTZ

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Abu Dhabi Department of Economic Development Works on building Business Cycle Economic Indicators in Abu Dhabi In collaboration with the German Agency for Technical Cooperation GTZ

Saturday, December 18, 2010
The Studies Directorate   of the Department of Economic Development in Abu Dhabi, through the its Development Indicators and Future Studies Section, is currently, in the process of building indicators for the cycle business in the Emirate of Abu Dhabi, with results of indicators anticipated to be announced during the first quarter of 2011, in cooperation with the German Agency for Technical Cooperation GTZ IFO, thus, the Department of Economic Development in Abu Dhabi, will be the first partner of the German Agency at the level of the GCC countries.According to the Directorate of Studies, these indicators come as part of the ongoing efforts of the Department of Economic Development and its role of monitoring the economic performance in the Emirate, promoting its role in economic policy-making, supporting the decision-making processes, and contribution to the formulation of the general policy of the Emirate, based on solid facts and sound data base.In a related development, the Department of Economic Development in Abu Dhabi, presented at the30thSemi-Annual Conference organized by The Conference Board (TCB) in New York City, USA, its experience in adopting international best practices in building development indicators and preparation of economic forecasts. During the conference, which was organized in coordination and cooperation with the “Centre for International Research on Economic Tendency Surveys”, the Studies Directorate team, introduced the experience of the Department of Economic Development, in the presence of more than 150 economic and statistics experts representing  worldwide government agencies  and research and academic institutions.The conference aimed at bringing together international business leaders and economic data producers, in belief that the quality of information and statistical data is indispensably a primary factor in determining soundness of decisions. The conference discussed a number of important issues and analytical reports on the results of development indicators, and reviewed the most important methodologies and statistical methods in indicators building and economic forecasts.The Conference focused on four main subjects; the “Business Cycle Indicators”, “Coincident Leading Indicators”, “Economic Models Forecasting “and “Consumer Tendency Surveys”.On the sidelines of the conference, the Studies Directorate Team visited the headquarters of The Conference Board TCB”, in New York, where a meeting was held with the Executive Vice President of the Board, which discussed areas of future cooperation and coordination between the two parties.The Studies Directorate Team also paid a visit to the headquarters of the “Federal Reserve Bank” of New York and met with many experts and specialists in fields of economic indicators and models building. The Team highlighted the achievements of the Emirate of Abu Dhabi in this area and the leading role of the Department of Economic Development.The Studies Directorate Team, gave a presentation during the meeting,  which focused on the future plans the Department for the development of indicators and economic models, to support decision-makers, policy formulators, businessmen, investors, producers, consumers and other entities, by providing information and data on the performance, expectations, prospects, developments of the economy.
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