Objective and subject:
Workforce Insights & Strategy Engine (WISE):
Description:
The Ministry of Human Resources and Emiratisation developed the Workforce Insights & Strategy Engine (WISE), an innovative and advanced system for simulating the labour market and economy using generative AI technologies similar to ChatGPT.
Objective:
The platform aims to test and formulate labour market policies by evaluating their projected impact on the labour market using AI. Various groups, such as economists, decision-makers and policymakers, use this platform to analyse the labour market under different scenarios and conditions, combining economic theory, empirical data, and statistical methods to estimate the impact of policy changes and trends on labour market outcomes, such as employment, wages, and workforce participation.
Expected Decisions for implementation:
- Enable policymakers and economists to test and evaluate labour market policies interactively using AI.
- Estimate the impact of policy changes and economic trends on the labour market.
- Develop economic models that assist in making forecasts based on different scenarios, providing in-depth insights into the - effects of future policies.