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Harnessing The Power Of Big Data For Trade And Competitiveness Policy

Harnessing The Power Of Big Data For Trade And Competitiveness Policy Author: The World Bank Group

Date Published: 4:53:53 PM Thursday, 23-January-2020

Big data - data that is vast at an unprecedented scale, comes from a range of new and old sources, is extremely high in frequency, and which can now be analyzed and combined in very sophisticated ways - has the potential to augment the efforts of institutions like the World Bank Group working to deliver high-impact development solutions to countries around the world.Within the Bank Group’s Trade & Competitiveness Global Practice, we believe that investigating the potential of big data for development is a worthwhile pursuit as we support countries to boost the volume and value of trade, enhance their investment climates, improve competitiveness in sectors, and foster innovation and entrepreneurship.Big data solutions have the potential to accelerate the work of our teams by deriving timely, accurate, and actionable insights from alternative data sources in order to close data gaps and inform policymaking. For example, pilot projects underway in the Trade and Competitiveness practice are exploring the use of data science techniques to harness publicly available government and commercial data to aid competition authorities in detecting cartels and other anti-competitive practices. We are also mining Internet data to measure innovative economic activity in cities, so agencies can make better informed policy decisions and, we are collecting regulatory data to classify and assess the impacts of non-tariff measures on economies and their competitiveness.