Busan is good

BDI to invent region's unique economic indicators

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New economic indicators that would analyze and realign existing indicators for the regional economy will be developed by a new research facility in Busan.

According to the Busan Development Institute (BDI) Tuesday, it opened a research center for regional economic activities, which is expected to analyze a variety of economic indicators and establish a system to cope rapidly with the changing economic situation.

"By the end of this year, the center will be able to develop composite business indicators that would help understand all aspects of the business changes through statistically analyzing the fluctuations of the region's economic indicators," said a researcher of the institute at the opening ceremony.

The composite index is composed of 21 leading, coinciding and following indicators including construction orders, arrivals of export LCs (letters of credit), an industrial production index and the number of ordinary employees. The BDI is going to develop leading economic indicators first which forecast the region's business for upcoming two to three months, and then coinciding and following indicators.

"While working closely with agencies that produce economic indicators such as the Busan metropolitan city government, the Busan Office of the Bank of Korea (BOK), the regional chapter of the National Statistical Office (NSO), and the Busan Chamber of Commerce and Industry (BCCI), the center aims at efficiently coping with urgent economic issues in the days to come and securing more budget from the central government based on solid statistical evidence," explained the head of the center.

The source of news : Busanilbo, Wednesday March 10, 2004, 14:20