Economic analysis and development essentially entails the identification of supply and demand factors to assess market opportunities based on the gap between existing and potential levels of development in a region. This involves reviewing the resource base, determining the growth potential of sectors, identifying potential for beneficiation, considering known or planned development initiatives, identifying constraints to development, considering international market influences, identifying value-chain opportunities, etc.
In short, economic development entails broadening the economic base of a region with a focus on investigating the comparative and competitive advantages. Apart from a general higher level of output, this also implies introducing new activities, which are not currently operational in the area.
The importance of undertaking economic analysis through value-chain analysis, cluster analysis, economic linkages, etc is to ultimately stimulate economic development and create new jobs in the economy in line with government's outcome based approach towards delivery.
Areas of application include:
Historical growth and trend analysis
Business retention and attraction
Investment and marketing strategies
Inner City Revitalisations
Spatial economic plans
Cacadu District Investment Packaging
West Rand District Growth and Development Strategy (GDS) Review, Spatial Economic Development Plan, and Marketing and Investment Strategy
North West Business Investment Climate
Frances Baard Marketing and Investment Strategy and Investment Guide