The final story on data and statistics affirms the crucial role of specific numbers for community welfare
Ok, a fundamental metric in assessing the effectiveness of a statistical process is population numbers: especially population growth. People after all is why there are statistics. Statistics serve the people. Stats are an information dashboard offering direction, and revealing underlying factors in the journey to El Dorado- the national vision.
Knowledge of population growth and the direction of that growth enables requisite policy in the management of scarce resources. Economics is primarily about people and their welfare.
What is the rate of birth and the death rate within a given period? How many people live in the Virgin Islands today for example compared to past years, and what is the impact of a growing or declining population on Virgin Islands economy and society? What is the average age, and how many males to females exist, and vice versa? How large are the various age groups. These population numbers are important for planning and scarce resource allocation: a primary function of stats.
Then, statistics allows public awareness as to budgeting for both public and private sector. For example, to assess whether government spending follows a clear mission and vision. The budget forecast as set out in the annual budget statement for example, should reveal to an intelligent resident whether forecasts rely on metrics and accurate statistical data, and not ‘’fairy tales.’’ Then, is the country on track towards a widely shared vision? Vision is the place we want to go and vision must always be at the forefront.
Stats reveal what actually government spent as opposed to prior budgetary estimates, and projections. Did government meet its projections in terms of actual spending? Did government meet its social and public infrastructure targets? That is the task of statistics: offering accurate measurement. The preceding numbers again seek to offer information to the public that is the task of statistics.
Stats can answer various questions: what is the rate of inflation; what is the unemployment rate? What was the average mortgage, loan and credit card rate in the territory? What was the homes and vehicles repossession rate in the year ending December 2023?
How many robberies occurred in the last economic cycle? What was the murder rate? How has the prison population varied over the past five economic cycles? What is the size of the police force and the various law enforcement agencies? How have they increased or decreased over consecutive years? What are the crime rates for specific offenses? What is the rate of apprehension, investigation and resolution of crime and illegal behavior?
Stats answer the query, what was the total rent bill for government offices, and how were utility costs spread over the various government ministries, departments, and statutory bodies? What was the salaries bill for the various ministries, including statutory bodies? All the preceding numbers cans also be set against comparable numbers for past years.
In a tourism economy, statistics asks how many travelers visited each year for the past 5 years. How many were overnight as opposed to day-trippers and cruise ship guests? Are there charts that show the visitor numbers for the preceding 5-10 years? What was the revenue from tourism, and offshore financial services? What percentage did these ‘’ economic pillars’’ contribute to GDP? The preceding is crucial for public and private investment in tourism.
How large is the internal marketplace or local trade: trade within BVI borders. What is the value of trade between residents, in cash terms as opposed to trade with solely external sources? Is that differentiation clear?
What is the actual number of work permit holders? What is the ratio of citizens to non-citizens, and the ratio of legal residents to work permit holders? The numbers that drive a society, the statistics, are the GPS to a better place.
Dickson Igwe is an education official in the Virgin Islands. He is also a national sea safety instructor. He writes a national column across media and has authored a story book on the Caribbean: 'The Adventures of a West Indian Villager'. Dickson is focused on economics articles, and he believes economics holds the answer to the full economic and social development of the Caribbean. He is of both West African and Caribbean heritage. Dickson is married with one son.
