RAM Economics Research

Established in 1994, our role and activities have since expanded in response to the growing needs of both the public and private sectors for integrated and rigorous empirical research based on sound economic and business principles.

We leverage on our extensive information resources and pool of in-house experts with broad-based experience, to provide a blend of policy and business-related perspectives that are unique to RAM.

We strive to:

Provide strong analytical support and research that complement all the activities and businesses of the RAM Group.
Establish RAM as a credible and objective voice in economic matters.
Offer high value-added, customised and empirical-based economic research services to our clients.

Our research and advisory services

We support the RAM Group’s credit-rating, business-advisory and consultancy businesses by providing economics research and advisory services. We conduct studies relating to capital markets and industry development, commissioned by clients from both the public and private sectors.

Our research and advisory services cover:

Macroeconomic Analysis and Policy Studies

Monitoring the country’s growth performance, risks and prospects
Forecasting growth and structural changes in the economy
Assessing the economic impact of domestic and global events as well as changes in development policies and strategies
Analysing and forecasting the revenue of the federal and state governments, as well as their expenditures and borrowing requirements
Undertaking cost-benefit analysis of development projects

Financial Market Studies

Financial market analysis, including forecasting interest rates and exchange rates
Studies on bond-market development, including its structure, conduct and performance

Industry and Market Studies

Sector outlook and development perspectives
Industry studies as part of feasibility and research reports

Our Team

Dr Yeah Kim Leng, Group Chief Economist
Dr Yeah Kim Leng is the Group Chief Economist of RAM Holdings. He joined the organisation in 1994 as Head of the Economics & Market Research Department. During the first 6 years, he had led the RAM Group’s research efforts in macroeconomic outlook, industry studies and the bond market.

In May 2000, Dr Yeah was appointed the Managing Director and Chief Economist of RAM Consultancy Services Sdn Bhd, a wholly owned subsidiary of RAM that provide strategic advisory services vis-à-vis business, economics, industry research and risk management. In the following 6 years, he had been involved in numerous consultancy and research projects for both the private and public sectors, including regional and national economic studies, sectoral and industry research projects, and strategic advisory services for several large Malaysian corporations. Prior to joining RAM, Dr Yeah had been a senior analyst at the Institute of Strategic and International Studies Malaysia, where he had been involved in a number of research projects on national economic policies.

Dr Yeah has a Master of Business Administration from the University of Hawaii and a PhD in Agricultural and Resource Economics, specialising in development economics; both had been obtained under the East-West Centre degree-participant programme.

Under the charge of Dr Yeah, the economics team includes:

Kristina Fong, London School of Economics, United Kingdom
Jason Fong, Master in Economics, University of Western Australia, Australia
Stephanie Chung, Master in Economics, University of Malaya, Malaysia

Our Key projects

Apart from input in all the activities and businesses of the RAM Group, the economics team has also completed numerous projects for clients in the public and private sectors as well as regional institutions. Our clientele includes government agencies, corporates and private businesses, and regional institutions.

Studies undertaken for the Government of Malaysia	Our team of economists had examined the profile, rationale and extent of price controls in Malaysia, proposed a methodology for evaluating the impact of price controls on the economy, and recommended price and market reforms for the controlled items.
	In the study on the impact of foreign direct investment on the Malaysian economy, we had provided economic advice and quantitative estimates for the impact analysis.
	For the study on the impact of foreign workers on the Malaysian economy, our role - working in a consortium of consultants - had been to provide economic advice and quantitative estimates for the impact analysis.
	In the UNDP-EPU project to create a human-resource-development master plan for Malaysia, our task had been to provide economic advice and econometric estimates for the study led by Australia’s Macquarie Graduate School of Management.
	The team defined and operationalised the concept of profiteering by determining the level of “excessive” cost pass-through that can be termed as “profiteering” and the conditions that give rise to it. A user-friendly and empirical-based cost pass-through monitoring software (IT) system was developed to be used in conjunction with the Government's current price monitoring activities to identify ‘excessive’ cost pass-through and to simulate the impact of increases in cost of inputs such as raw materials, energy, utilities and transport on the retail prices of goods and services.
ASEAN-Australian Development Cooperation Programme (“AADCP”) Regional Economic Policy Support Facility (“REPSF”).	ASEAN Tourism Investment Study - a project from the AADCP REPSF conducted in 1Q 2006 in collaboration with William Angliss Institute of TAFE, Australia - to comprehensively review the investment environment in the ASEAN tourism industry, to understand investor-related needs and impediments. We had recommended policy/regulatory measures to reduce barriers against investment and trade in tourism, and had provided advice and guidelines on elements to be included in each member country’s national plan.

Our Publications

Series Title	Brief Description	Release Date
RAM Economic Outlook	Malaysia: Short- and Medium- to Long-Term Outlook	January
RAM Economic Outlook	Malaysia: Short-Term Outlook Review and Update	September
RAM Economics Commentary	Commentary on current issues and events influencing the economy.	Ad hoc
RAM Economic Monitor	This publication aims to accurately reflect current economic activity and provide signals of future trends and significant economic events. In short, a monthly update on key economic indicators, providing a snapshot of the country’s economic performance.	Monthly
RAM Bond Newsletter (Subscription required)	Monthly publication aimed at keeping the public informed of current trends and issues in the Malaysian bond market. It is aimed at promoting bond-market financing and investment, in addition to increasing public awareness on the role of credit-rating agencies.	Monthly