Optimism prevails on UAE economy
dubai — More than half of the respondents in the UAE are optimistic about the country’s economy improving, bolstered by a predicted increase in the number of available jobs in the coming months, the latest results from the Middle East Consumer Confidence Index survey by Bayt.com and YouGov have shown.
The results showed that 58 per cent of UAE respondents said they are optimistic about the country’s economy improving within the next six months, compared to only nine per cent who believe the opposite. In addition, 16 per cent of respondents expect the economy to remain the same.
When it comes to current business conditions, more than four in 10 UAE respondents believe the business conditions are either ‘good’ or ‘very good’ and 37 per cent believe that the conditions are ‘average’.
UAE respondents are very optimistic about business conditions within the next year, where 72 per cent believe they will improve. Fifteen per cent expect business conditions to remain the same and only six per cent said that they could get worse.
Looking at future availability of jobs in the UAE, there is a general positive outlook among UAE residents, where 40 per cent of respondents believe the number of jobs available will increase over the next six months.
Over 67 per cent of UAE respondents believe their current financial position is better or the same as six months ago. When it comes to future expectations, 56 per cent of UAE respondents expect their financial situation will improve in the next six months and 22 per cent believe it will remain the same as it is now. Only nine per cent of respondents expect it to become worse.
Looking at UAE residents’ opinions on the cost of living, 61 per cent expect the cost of living to increase in the next six months, compared to 20 per cent who believe it will remain the same and 10 per cent who believe it will decrease.
In the UAE, one-third of employed respondents said the number of employees in their companies has increased over the past six months. Forty seven per cent expect the number of employees in their organisation to increase over the next six months.
With regard to satisfaction levels, 51 per cent of UAE respondents are satisfied with their career growth opportunities. When it comes to compensation, more than a third of UAE respondents are satisfied. Half of the respondents in the UAE are satisfied with the non-monetary benefits they receive, and 52 per cent are satisfied with the level of job security they have in their current organisation.
When it comes to future spending and investment plans, 40 per cent of UAE respondents claim they are planning to buy a vehicle for personal use in the next 12 months. Of those who are planning to purchase a vehicle, 56 per cent are planning to buy a new one, while 38 per cent are planning to buy a used one.
— rohma@khaleejtimes.com