the government and policy makers use statistical data to formulate suitable policies of economic development illustrate with two examples
Dear student
Statistical data is of key importance for the policy makers and the government . The statistical data does not only help them to evaluate and analyse the outcomes of the previous policies but also assist them to take correct measures and to formulate policies accordingly. Also, the statistical data help the government to know needs and priorities for the achievement of the common mission for the economic development.
For example, if Indian Government focuses on encouraging the production level, then it will design its economic policy based on the average production level of the last few years.
Another example could be the development of government budget.
The past data of government expenditures and government revenues could be taken into account for estimating the allocation of funds among various projects.
Regards
Statistical data is of key importance for the policy makers and the government . The statistical data does not only help them to evaluate and analyse the outcomes of the previous policies but also assist them to take correct measures and to formulate policies accordingly. Also, the statistical data help the government to know needs and priorities for the achievement of the common mission for the economic development.
For example, if Indian Government focuses on encouraging the production level, then it will design its economic policy based on the average production level of the last few years.
Another example could be the development of government budget.
The past data of government expenditures and government revenues could be taken into account for estimating the allocation of funds among various projects.
Regards