Economist (Government)

Industry:
Public Sector
Last Updated:
September 19, 2023

Job Description Overview

As an Economist (Government) in the Public Sector industry, your job is to analyze and understand the economic conditions both within and outside the government. Your analysis and recommendations can help shape policies and decisions that impact the economy and the citizens.

You'll work with a range of data, from statistics on employment rates to trends in consumer spending. Using this data, you'll produce reports and presentations that inform government officials, businesses and the general public about the state of the economy.

You'll also be responsible for forecasting economic trends and identifying potential risks to the economy. This helps the government plan its policies and initiatives, such as investment in infrastructure or tax reform.

To succeed in this Economist (Government) job description, you should have a degree in economics or a related field, and experience in economic analysis. Excellent analytical skills, attention to detail, and the ability to communicate complex information effectively are also important. If you're interested in the intersection of economics and public policy, this may be the perfect career for you.

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Job Duties and Responsibilities

  • Analyze economic data and provide advice to government officials
  • Develop and evaluate policies aimed at promoting economic growth and stability
  • Conduct research on specific economic issues and trends
  • Provide economic forecasts to inform budget and revenue decisions
  • Work with other government agencies to coordinate economic policies and programs
  • Monitor and report on economic indicators to identify potential risks and opportunities
  • Provide guidance to policymakers on taxation and regulatory issues
  • Evaluate the impact of proposed policies on different sectors of the economy
  • Communicate economic concepts and policy recommendations to the public and media.

Experience and Education Requirements

To become an Economist in the Public Sector industry, you need to have both education and experience. Typically, you would need to have a bachelor's degree in economics, although some jobs may require a graduate degree. In addition to education, it's essential to have relevant work experience in the field of economics, such as internships or previous jobs. 

To excel as an economist in the public sector, you need to have a strong analytical mind and be able to crunch numbers and analyze data. You also need to have good communication skills to convey your findings to a wider audience. Additionally, you should have a thorough understanding of the economy and economic policies. With the right education and experience, you can build a rewarding career in public sector economics.

Salary Range

Economists working in the government sector can expect a salary range of $55,000 to $150,000 per year, according to salary data from the US Bureau of Labor Statistics (BLS). The median annual wage for economists across all industries was $105,020 as of May 2020. In some countries, such as the United Kingdom, the salary range is similar with experienced government economists earning between £39,000 to £65,000 per year. In Canada, the range is slightly lower at CAD$55,000 to CAD$125,000 per year. It’s worth noting that salary ranges may vary depending on factors such as job experience and level of responsibility.

Sources:

  • BLS, Economist Occupational Outlook Handbook: https://www.bls.gov/ooh/life-physical-and-social-science/economists.htm
  • UK Gov, Government Economic Service: https://www.gov.uk/guidance/government-economic-service-recruitment#salaries-and-benefits
  • Canadian Government, Economics and Social Science Services (EC): https://www.canada.ca/en/treasury-board-secretariat/services/professional-development/economics-social-science-services-compensation-benefits.html#funding-levels-and-salary-ranges

Career Outlook

If you're interested in becoming an Economist (Government) in the Public Sector industry, the career outlook is promising over the next five years. According to the Bureau of Labor Statistics, employment for economists is expected to grow by 14% from 2019 to 2029, which is faster than the average for all occupations. This growth is due to the continued need for economists to analyze data and provide insights on economic issues facing government agencies.

In addition, government agencies are also expanding their efforts to address economic challenges, such as global trade and income inequality. This means there will be more opportunities for economists to work in the public sector at the federal, state, and local levels.

Overall, the demand for economists in the public sector seems to be increasing, and the career outlook is looking bright for those interested in pursuing this career path.

Frequently Asked Questions (FAQ)

Q: What do economists in the government do?

A: Economists in the government collect and analyze data on economic trends to help government officials make decisions. They may also offer advice on policies related to taxation, trade, and budgeting.

Q: What level of education do I need to become a government economist?

A: Most government economist jobs require a minimum of a bachelor's degree in economics, but many positions prefer a master's degree. Relevant coursework may include statistics, calculus, and econometrics.

Q: What skills do I need to have to become a government economist?

A: Strong analytical and critical thinking skills are crucial for this role, as economists frequently work with complex data. Additionally, communication skills are important for presenting data and recommendations to policy-makers.

Q: What are some common careers paths for government economists?

A: Some government economists work in research roles, others in advisory or consulting roles, and others in policy-making positions. Potential employers include federal and state governments, think tanks, and research organizations.

Q: What is the job outlook for government economists?

A: According to the Bureau of Labor Statistics, employment of economists is projected to grow 14% from 2019 to 2029, which is much faster than the average for all occupations. However, competition for jobs may be strong due to the limited number of positions available in this field.


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