Measuring and interpreting economic developments requires a set of statistical standards as well as a coherent overall framework. By and large, forecasters around the world use a common language and refer to the same key macroeconomic variables. However, there are differences across time and space regarding the specific empirical content of some of the concepts used. For most practical purposes, at least in forecasting, these differences are relatively minor, but they ought to be borne in mind when laying side by side national forecasts or comparing performance across countries.
KeywordsDepression Europe Transportation Income Expense
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