Socio-Economic Assessment (SEA) can better assess and capture the total impact arise from any big development such as rail, smart cities etc. It leverages on a sophisticated socio-economic modelling (SEM) framework, that can systematically quantify the socio-economic impact to be generated from a project in numeric and monetary terms.
With the right project information and assumptions, SEM can quantify the: job creation by skill levels, uplift of income level for different job categories, public investment from government, private investment from local and foreign investors, as well as the terminal GDP contribution upon completion of project.
This information could help project owners, be it the public sector and government or private-sector players, to create better development strategy that will maximize the socio-economic benefits for various communities and marginalized groups. SEM is particularly useful for government bodies in the planning of high-scale development. With proper analysis and planning, SEM could help to enhance the likelihood of any development to spur economic growth and create job opportunities for the communities, which will support future economic and urban development.
