As public sector economists, we keep a close watch on global and domestic developments, and analyse their impact on the Singapore economy.
We apply sound economic principles and quantitative techniques to analyse economic and social policies, and propose solutions where problems exist.
Surveillance
Macroeconomic stability lies at the core of economic policy formulation in every country.
We constantly monitor economic developments around the world and analyse their impact on Singapore’s growth, inflation and business costs as well as its domestic sectors and labour market. As Singapore is deeply integrated into the global economy, developments in neighbouring countries and our key trading partners can have a significant impact on us.
In our surveillance work, we apply sound macroeconomic principles and rigorous quantitative techniques as well as regularly exchange views with private sector analysts and seek industry feedback from economic agencies such as the Economic Development Board (EDB) and International Enterprise Singapore (IES).
Our timely analyses of economic developments help policymakers formulate appropriate and prudent policy responses and measures.
"Life as an Economist in MTI is fast-paced and dynamic. I have had first-hand experience of tackling a broad array of real-time macroeconomic issues affecting Singapore. These range from assessing the economic impact of the spike in oil prices due to disruptions in the Middle East to estimating the impact of supply chain disruptions arising from the Tohoku Earthquake in Japan. Although the deadlines are tight, especially during times of crises, the diversity of the issues I get to deal with makes the work extremely challenging and exciting.
The ES has also provided many opportunities for me to travel abroad to meet analysts and academics. These opportunities have helped to broaden my perspectives and have provided me with fresh insights on pertinent economic developments in external economies."
Jerome Chow, Economist
previously Macroeconomic Analysis Unit, Economics Division
currently Research Economist, Ministry of National Development
Research and Policy
Public policies in Singapore often deal with difficult trade-offs, and the costs and benefits of each policy need to be carefully considered. We conduct rigorous economic research and analysis to evaluate policies and aid policy formulation.
We have done cost-benefit analysis of large-scale projects like the Integrated Resorts (IRs), and have conducted evaluations of policies and programmes like the Workfare Income Supplement Scheme (WIS) and the Special Risk Initiative (SRI) through survey and econometric methods.
We also develop projections of key policy parameters using forecasting models and review pertinent economic literature to keep policymakers informed of the latest thinking in economics.
We contribute to policies in a wide range of economic and social areas, including fiscal policy, manpower policy, land and property market issues as well as, land transport, healthcare and education policy amongst others.
Our economists also support the work of key high-level committees such as the Economic Strategies Committee (ESC) and the National Productivity and Continuing Education Council (NPCEC).
We occasionally publish our non-confidential research in MTI’s Economic Survey of Singapore (ESS).
Within my labour portfolio, I have worked on a diverse range of issues such as the impact of foreign worker policies on our economy’s competitiveness and future growth; the pros and cons of having a minimum wage and how it compares to our existing Workfare Income Supplement in terms of helping the poor; and whether increasing productivity can lead to higher real wages. Although all these are big and challenging policy issues, rest assured that you will not be tackling them alone. In the ES, you will find many other bright, highly talented individuals who are passionate about public policies. You will be working with them, bouncing your ideas off them, and having robust debates with them on myriad policy issues!"
Guo Jiajing, Economist
Growth, Income and Productivity Unit, Economics Division