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Despite the effects of the global credit crunch being widely felt in the UAE, marked by the fourth consecutive drop in consumer confidence by a record 15 points, job seekers are still optimistic for the future with 28% of respondents believing business conditions- and 25% believing the country’s economy- will improve in the next year; according to recent research conducted by w ww. Bayt. com in conjunction with research specialists YouGov.
Part of the Consumer Confidence Index (which is a measure of consumer expectations and satisfaction of various elements of the economy including inflation, job opportunities and the cost of living) is an assessment of respondents’ personal financial situation, and whether they feel that they are better, or worse off than the last 12 months. Surprisingly a fifth of all respondents in the UAE felt that they were better off than last year, indicating that the gloomy financial environment isn’t negatively affecting everyone in the UAE. Overall, on a regional level, a quarter of respondents felt they were better off; 34% felt they were worse off, and 35% felt their financial position hadn’t changed.
Personal finances improved most significantly in Algeria, Qatar and KSA, with 31%, 29% and 28% saying their financial position had picked up. Syria’s respondents were the most affected in terms of personal finances, with almost half, 48%, stating that the situation with their personal finances had deteriorated.
To read more about the whole research report and view results of other countries around the Middle East, ht tp: // w ww. bayt. com/ en/research-report-3841/