Dubai: How positive do employees feel about today’s economy?
In a recent survey carried out by YouGov and Bayt.com, as many as 31 per cent of respondents believe that their country’s economy is worse today compared to six months ago.
However, half of the UAE respondents said they expect their country’s economy to improve in the next six months.
“Despite the negative feelings that have characterised the past few months, there are sparks of optimism among respondents that economic conditions in their countries will improve in the future,” said Suhail Al Masri, Vice President of Employer Solutions, Bayt.com.
Data for the Middle East Consumer Confidence Index survey was collected online from August 3 to 31, 2016, with 2,893 respondents from 13 Arab countries, including the UAE, Saudi Arabia, Jordan and Lebanon.
In addition, only 28 per cent of respondents in the UAE believe that their country’s economy has improved compared to 6 months earlier, while 27 per cent claim that it has remained the same.
Al Masri said: “In reality, respondents believe that there aren’t sufficient jobs, and this reality proves that competition among job seekers is fierce across the region.”
When asked about future expectations, 50 per cent of respondents were optimistic about the economy improving, and 11 per cent believed the opposite to be true. Nevertheless, 23 per cent of the respondents said they do not expect any change.
In terms of business conditions, 39 per cent of UAE respondents believe that business conditions are presently good. In contrast, 36 per cent believe that conditions are average, while 22 per cent believe that they are bad.
Regarding expectations for business conditions in a year’s time, 65 per cent of UAE respondents are optimistic. A further 17 per cent expect the situation to remain unaltered, while only 7 per cent are not confident at all, stating that the business conditions have the potential to get worse.
Spending and investment
When it comes to investing in property in the next 12 months, 32 per cent of UAE respondents say that they are planning to purchase property, while 51 per cent of respondents, however, are not.
Of those who are planning on making a property investment, 39 per cent will be looking to buy new property, while 27 per cent will invest in pre-owned estate.
Almost half of UAE respondents are looking to purchase an apartment (51 per cent), while around a fifth will buy a villa/townhouse/bungalow. Up to 17 per cent said they will invest in commercial property.
With regards to satisfaction levels, 48 per cent of UAE employees are satisfied with their career growth opportunities, while 29 per cent are dissatisfied.
