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The latest Middle East and North Africa (MENA) Consumer Confidence Index (CCI) Survey, carried out by job board Bayt.com, shows that local residents expect the cost of living to increase in the coming year despite their financial positions not having improved.
In the UAE, only 22% of respondents claim they are in a better position now compared to six months ago. However, MENA respondents have a more optimistic outlook for the months to come, with 44% expecting their personal or family’s financial situation to improve in the next six months.
But only 18% of respondents across the MENA region claim that they are in a better financial position now than they were six months ago. Just 15% across the region say their savings have increased in the last year, with 25% saying they have remained the same.
At the same 78% of respondents believe that the cost of living in their country will increase with many feeling that the economy has worsened in the past few months.
In the UAE, half (49%) said that their savings have depleted in comparison to last year. However, with 56% believing that things will improve in the coming six months, the UAE is one of the most optimistic countries in the region. Despite this optimism, 71% believe that the cost of living in the country will increase.
When asked about hiring activities, 29% of respondents across the region say they now have fewer colleagues. 30% say that their company has increased the level of headcount. The majority of respondents (41%) are currently satisfied with their career growth opportunities, but 46% are unhappy about their pay.