What is the importance of statistics in economic planning?
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Statistics is the most important tool in economic planning. Statistics helps economic planning by collecting data of national resources both human and natural. For drawing a plan of their use, we need the help of Statistics.
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Answer: According to the World Bank, good quality statistical data are needed to manage results, to set targets and monitor outcomes, to design development policies and strategies, to make evidence-based decisions about allocation and management of scarce resource.
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