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An unhappy lot
A recent survey reveals that the people in the UAE are a dissatisfied and pessimistic lot. Do you agree?
December 29, 2008 2:41 by Aarti Nagraj
Do you think your salary is not keeping pace with the rising cost of living? Well, join the gang. According to the latest survey by Bayt.com and YouGovSiraj, 66 percent of respondents in the UAE felt that their salaries are not catching up. Interestingly, 22 percent feel that their salaries have increased in line with the cost of living.
The survey also found that compared with the base period of April 2007 and July 2008, the UAE has seen a decrease in the following indexes: consumer confidence; consumer expectation; propensity to spend; and the employee confidence index. In fact it is the only country in the region to have dipped in all categories.
While almost 50 percent of the UAE’s respondents feel that the country’s economy is worse than it was three months ago, 52 percent feel that the current period is a very bad time for business.
Furthermore, 29 percent felt that plenty of jobs are currently available in the country, 40 percent said that finding a job will become more difficult next year.
As expected, almost 50 percent said that they were dissatisfied with their compensation, in terms of salaries and benefits.
And although some property developers are going around claiming that there is no “doom and gloom,” 65 percent of the respondents in the UAE have said that they will not invest in property in the next 12 months. And this sentiment is shared across the region, with most people saying that they are not going to buy property in the next year.
However, the survey found the UAE to be the most optimistic about a positive change in the country’s economy.
What do you think? Do you think we are a pessimistic bunch? Or are we just realistic?