1. United Nations Economic Commission for Europe Statistical Division Action plan arising from the Guide “Impact of Globalization on National Accounts” UNECE Statistical Division 27 October 2011

2. - UNECE Statistical Division Slide 2 The Globalization Guide  Provides recommendations and best practices on how to deal with the impact of globalization on national accounts  Developed 2007-2011 by the Group of Experts on the Impact of Globalisation on National accounts, under the guidance of the Leadership Group  March-April 2011: electronic consultation with all CES member countries and organizations  June 2011: CES endorsed the Guide

3. - UNECE Statistical Division Slide 324 October 2015 Content of the Globalization Guide  12 core chapters in three main groups: Multinational enterprises Trade in goods and services, and global manufacturing Household-related issues  Specific country experiences are presented as annexes to the chapters  Addendum on the impact of the financial crisis  Chapter 14 brings together the suggestions for further work from earlier chapters and proposes international fora that can advance the work

4. - UNECE Statistical Division Slide 424 October 2015 The way ahead and a research agenda  The Guide does not address or solve all issues related to the impact of globalization  Meeting the statistical challenges presented by globalization will require continuing international cooperation  Issues for further work includes:  Continuation of initiatives already started  Conceptual issues  Measurement issues  Practical steps in data collection and presentation  Exchanges of data and best practice

5. - UNECE Statistical Division Slide 524 October 2015 Continuation of initiatives already started  IMF’s Coordinated Direct Investment Survey  OECD Working Group on International Investment and its network of investment experts  OECD Task Force on IPPs  The forthcoming Eurostat Task Forces on R&D and on Goods for processing  Work on improving remittance and related data e.g. Global Remittances Working Group and The Suitland Working Group  Environmental issues on national accounts, implications of 2008 SNA to SEEA

6. - UNECE Statistical Division Slide 624 October 2015 Conceptual issues  Global manufacturing/production, including international transactions in IPPs and merchanting of services  SPEs: A harmonized definition and further clarification on conceptual issues to improve the comparability of SPEs across countries  International labour movements: links between labour statistics and national accounts  Second homes: property be deemed to produce housing services continuously, or only when occupied?  E-commerce and outsourcing provide challenges for appropriate price deflators

7. - UNECE Statistical Division Slide 724 October 2015 Measurement issues  Measurement and data issues related to the new standards on goods for processing and merchanting  Challenge of import substitution and e-commerce data for price statistics (data sources, quality adjustments)  Use of administrative data to estimate economic activities of complex enterprise structures: quasi-transit trade  Recording and estimating remittances: practical issues related to emerging transfer methods  Measurement of the stock of second homes abroad, and the correction for average occupation time

8. - UNECE Statistical Division Slide 824 October 2015 Practical steps in data collection and presentation  Business surveys: better use (or additional questions) and linking with international trade data at enterprise level  Special surveys of large MNEs  Separate coding of goods for processing in merchandise trade. In the long run, development of trade documents allowing compilation of data both on physical flows and economic transactions  More intensive use of household surveys e.g. cross-border labour mobility, remittances, e-commerce  Better use of administrative sources, including tax registers  Additional analytical tables for international labour movements  Presentation of national accounts with and without SPEs

9. - UNECE Statistical Division Slide 924 October 2015 Exchanges of data and best practice  Exchanges of data and bilateral comparisons between countries on: FDI Labour movements and remittances Non-resident dwellings (asymmetries in TSA)  Exchanges of best recording practice among countries as complement to international standards

10. - UNECE Statistical Division Slide 1024 October 2015 Prioritization of further work  After country consultations, the following topics have been identified as priorities for future work:  Conceptual and practical measurement issues in relation to global manufacturing  The recording of international transactions in IPPs  Outstanding measurement and data issues related to the implementation of the new standards on goods for processing and merchanting  A conceptual framework for dealing with SPEs, including a harmonized definition