The dynamics of labor market planning interlink with diverse aspects of the national development agenda. An economic modeling approach is an effective tool for monitoring the effectiveness of various initiatives implemented. Economic modeling is the foundation for transitioning towards evidence-based policy formulation. It provides a quantitative estimation of possible implications for implementing critical policies in the labor market that could potentially trigger unintended consequences from an economy-wide perspective.
The main objective of this project is to develop a fully-integrated labor market forecasting model. This model could function as the primary model used for workforce projections, which could then be complemented by models and data from other agencies and ministries. As forecasting serves as initial insight for the policymakers, the subsequent step is to conduct a sensitivity analysis of any possible labor market interventions and regulations to address the “policy blind spot” to other economy segments.