Economists conduct research, monitor data, analyze information and prepare reports and plans to resolve economic and business problems and develop models to analyze, explain and forecast economic behaviour and patterns. They provide advice to business, interest groups and governments to formulate solutions to present or projected economic and business problems.
Skill level:
Highly skilled
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Job Definition
- Forecasting changes in the economic environment for short-term budgeting, long-term planning and investment evaluation
- Formulating recommendations, policies and plans for the economy, corporate strategies and investment, and undertaking feasibility studies for projects
- Monitoring economic data to assess the effectiveness, and advise on the appropriateness, of monetary and fiscal policies
- Forecasting production and consumption of specific products and services based on records of past production and consumption and general economic and industry-specific conditions
- Preparing forecasts of income and expenditure, interest rates and exchange rates
- Analyzing factors that determine labour force participation, employment, wages, unemployment and other labour market outcomes
- Applying mathematical formulae and statistical techniques to test economic theories and devise solutions to economic problems
- Compiling, analyzing and interpreting economic data using economic theory and a variety of statistical and other techniques
- Evaluating the outcome of political decisions concerning public economy and finances, and advising on economic policy and possible courses of action in the light of past, present and projected economic factors and trends
- Preparing scholarly papers and reports
- Examining problems related to the economic activities of individual companies
- Conducting research on market conditions in local, regional or national areas to set sales and pricing levels for goods and services, to assess market potential and future trends and to develop business strategies
