World | The Observatory of Economic Complexity (2024)

FAQs

Is OEC data reliable? ›

It includes subnational level data for dozens of countries, sourced directly from their public customs records. This makes the OEC much more recent, relevant, and higher resolution.

From the Atlas's website: "The raw trade data on goods are derived from countries' reporting to the United Nations Statistical Division (COMTRADE). The trade data on services are from the International Monetary Fund (IMF) Direction of Trade Statistics database, via the World Development Indicators."

The Observatory of Economic Complexity (OEC) is the world's leading data visualization tool for international trade data. The OEC makes more than 50 years of international trade data available through dozens of millions of interactive visualizations.

The Observatory of Economic Complexity, created by Alexander Simoes at Massachusetts Institute of Technology (MIT), ranks countries based on the amount of useful knowledge embedded in it. The ranking is based on the idea that a country's economy grows as the complexity and specialization of its products increases.

What is the validity of the OEC? The OEC is valid for 60 days from the day it is issued. It is only valid for a single use upon exit from the Philippines, which means that domestic helpers need to apply for a new OEC everytime they exit from the Philippines and return for employment to Hong Kong.

The Economics Observatory (ECO) is a new project that bridges the gap between academic research, government policy and the general public. Our goal is to provide balanced and reliable answers to questions about the economy. We make it our mission to make these answers as accessible and engaging as possible.

And countries that have relatively low complexity relative to their income level tend to grow less in the future. So your economic complexity relative to your income level is a predictor of how fast you will be able to grow.

The Economic Complexity Index, or ECI, is a measure of an economy's capacity which can be inferred from data connecting locations to the activities that are present in them.

One of these—complexity economics—was pioneered in the 1980s and 1990s by a small team at the Santa Fe Institute led by W. Brian Arthur. The standard framework sees behavior in the economy as in an equilibrium steady state.

The OEC is currently designed and developed by Datawheel, but it began as a research project at MIT's Collective Learning group (former Macro Connections Group).

What is the Observatory of Economic Complexity Online established by MIT? ›

The Economic Complexity Observatory is an online tool that helps people explore this complexity by providing tools that can allow decision makers to understand the connections that exist between countries and the myriad of products they produce and/or export.

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The application of internationally accepted standards and norms results in a consistent, reliable source of information.

The Economist Intelligence Unit's world-class forecasts are updated every month to incorporate the latest economic and political events. The latest data together with timely forecasts makes WorldData one of the fastest and most reliable sources of economic data.

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