Fooling numbers
Economical 10/16/2023
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Yasser Al-Metwally
: Economic decisions in all countries of the world depend on indicators derived from numbers and statistics provided by statistical departments.
In the year 2008, the late economic thinker, Mr. Ismail Obaid Hammadi, wrote an article titled (Monetary Deception) and sent it to the email address for receiving articles from the economics book in Al-Sabah newspaper. I published it at the time, and it captured the opinions of experts from Iraq and abroad. The number of readers of that article exceeded eleven thousand browsers. in one day.
This article was on the occasion of the global economy being exposed to the largest economic crisis, which was caused by the American real estate crisis, which had its effects on all the economies of the world, and its effects are still affecting the entire world economy.
Today, I am trying to reduce the word deception to reflect it on economic numbers in order to read whether the economic decisions are correct and accurate or whether they are inaccurate and wrong. Here, through my research, I have come to the conclusion that the available numbers and statistics are the reason behind the failure of attempts to salvage the distortions that have characterized the Iraqi economy.
It is noted that most statistics, whether for the level of the poverty line or the size of unemployment, are estimated numbers, and here the standard of error is large in evaluating economic performance, which supports the validity of the claim that deception of economic numbers is the reason behind making incorrect decisions.
The reason behind this digital deception is due to the failure to conduct a general population census for more than two decades, which is reliable in determining the true levels of unemployment, poverty rates, the actual needs of the housing crisis, and other components that make up the economy.
For this reason, we have been and are still calling for an end to economic statements by some non-specialists with percentages and numbers in the manner of (inform and announce) because they lead to wrong decisions.
It is not possible to find a solution to the problems that our economy suffers from with this huge number of economic experts who are exported and marketed by the media at a time when they do not understand the alphabet of economics and how economic theories work, so our economy is plagued with
inaccurate statements. Those who are keen to find a solution to the economic challenges must leave the matter to the specialists and not confuse them. On decision-making sources with allegations based on deceptive economic figures.
I am certain that even dealing with the fluctuation in the dollar exchange rate faces difficulty due to the chaos of speculation and expectations from those who are not concerned with and specialists in monetary and financial policies, which confuses the market. This is because the impact of digital deception is much greater than rumors in days of crises. Those in charge of monetary policy are supposed to be left from dealing with prices and not disturbing the prices
. Decision makers
: For your information, the major central banks in the world based decisions on future predictions and adopted policies that led to deviations due to poor quantitative estimates. How can the market make decisions if official statistical agencies do not provide honest information about the economy? It is a problem in the strongest economies that enjoy solid statistical infrastructure, so how about in our countries where statistics deviate from reality.
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