The Application of Big Data in Economic Statistics

Abstract

The advent of big data has revolutionized the field of economic statistics, providing researchers and policymakers with vast amounts of accurate, timely, and diverse data. At the beginning, this review provides the foundations of big data in economic statistics from two parts-- the definition of big data and the characteristics of big data. Then, this comprehensive literature review aims to explore the applications of big data in economic statistics from five aspects: unit operation management, human resource management, fund operation analysis, risk management, and allocation of internal resources. Additionally, the review analyzes the three advantages and three challenges associated with the use of big data in economic statistics. Besides, the review also provides a number of solutions to improve current problems of economics statistics, including updating statistical concept, cultivating professional statistical talents, and increasing equipment investment. By understanding the potential and limitations of big data, policymakers can make informed decisions to promote economic growth and development.