Sur­vey reveals be­lief that the econ­omy will im­prove

7 Days in Dubai - - NEWS -

One in three res­i­dents be­lieve the UAE’s econ­omy is worse to­day com­pared with six months ago.

But ac­cord­ing to the Mid­dle East Con­sumer Con­fi­dence In­dex, by and YouGov, half of the re­spon­dents ex­pect the UAE’s econ­omy to im­prove in the next six months, while 65 per cent ex­pect busi­ness con­di­tions to im­prove in a year’s time.

Suha Mardelli, Re­gional Di­rec­tor at, said the pub­lic out­look re­flects a shift in the of­fer­ings of the job mar­ket – from the oil and con­struc­tion sec­tor to hos­pi­tal­ity and en­ter­tain­ment – due to a chang­ing eco­nomic land­scape amid eco­nomic di­ver­si­fi­ca­tion.

“The de­mand is shift­ing more to­wards the hos­pi­tal­ity sec­tor and away from oil, gas and con­struc­tion, with plung­ing oil prices and a slow-down in the con­struc­tion sec­tor,” said Mardelli.

“The re­dis­tri­bu­tion is being felt for sure and peo­ple’s out­look will be af­fected by where they are focused.”

The op­ti­mistic out­look for the fu­ture also be­trays re­gional sen­ti­ment about the cur­rent cost of liv­ing, Mardelli added. He said: “It tells us peo­ple across the board are con­fi­dent the cost of liv­ing is go­ing up but re­main hope­ful the over­all sit­u­a­tion is get­ting bet­ter.”

The Mid­dle East Con­sumer Con­fi­dence In­dex was col­lected on­line with 2,893 male and fe­male re­spon­dents liv­ing in the UAE, Saudi Ara­bia, Qatar, Oman, Kuwait, Bahrain, Syria, Jor­dan, Le­banon, Egypt, Morocco, Tu­nisia, and Al­ge­ria.

Newspapers in English

Newspapers from UAE

© PressReader. All rights reserved.