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December 21 2010
Abu Dhabi Council for Economic Development Launches Dynamic Economic Model for the Emirate
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The model allows policymakers to assess the impact of policies on different groups of the population, the labour market, the economic sectors, and the overall economy
Abu Dhabi, December 21, 2010: The Abu Dhabi Council for Economic Development (ADCED) launched a state-of-the-art economic modeling platform, developed in partnership with leading modelling network ECOMOD, today in the presence of representatives from the government and private sector and media representatives. The new model, ADMOD, is meant to provide impact results for various economic policies taking into consideration different economic sectors, population segments and the overall economy of the emirate.
As Abu Dhabi’s economy continues to grow and head towards diversification, a powerful economic model that has the capabilities of monitoring the economy, assessing the impacts of alternative measures and scenarios, and running accurate forecasts and projections is required. ADMOD allows policy makers to measure the impact of different economic policies taking into account the complex interactions occurring within markets.
Available for all government agencies, ADMOD is user-friendly and allows users to develop an informed insight into the effects of policies and issues including oil price changes, labour market issues, tax policies, tourism, real estate and environmental aspects. ADMOD’s diverse applications can be applied to a wide range of sectors, including oil, petrochemicals, manufactured products, electricity, gas and water, construction, trade, hotels, restaurants, transport and storage, communication services, real estate, business services, financial corporation services, social and personal services, and government services.
“Our leadership has developed a clear goal for Abu Dhabi’s economy as per the Economic Vision 2030, setting aims of growth and diversification as top priorities for our Emirate. As the prosperity of our economy continues to increase, the United Arab Emirates and Abu Dhabi will be facing a number of challenges and transformations parallel to those faced by the global economy due to the impacts of several bilateral and multilateral trade agreements, new technological breakthroughs, and the forthcoming changes in the energy markets,” H.E Fahad Saeed Al Raqbani, Director General of ADCED said.
“It is essential that policy makers are provided with state-of-the art technology and methods that provides them with accurate information and projections to enable them to make sound, informed decisions. We have developed ADMOD in a partnership with a leading institution in the field of economic modelling to ensure that we created a system that is reliable, used friendly, and one that can be applied to all sectors,” he added.
ADMOD can assist policymakers in various fields, and has the ability to provide information at both sectoral and macro levels. In order to remain relevant and accurate, the program will continuously be updated and improved as new data and developments become available. |
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