Survey reveals belief that the economy will improve
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 Bayt.com 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 Bayt.com, 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.