As a graduate student, I was taught to think critically and always look at the gloomy side of things. A hypothesis was always wrong until proven otherwise; a conclusion was always incomplete; and your paper always had to have a section for ‘future’ work, work that you weren’t able to finish because of time or resources constraints. I respect my professors – do not get me wrong. They helped shape the person I am today, but sometimes you have to look at the bright side of things. Bayt.com had something to do with this new outlook in my life. It helped me direct my attention towards the full half of the glass. Looking at the latest Bayt.com Middle East Consumer Confidence Index survey, March 2014, we can see that, overall, people in the Middle East and North Africa (MENA) region are optimistic about the regional economy, including the availability of jobs, business conditions and their own personal financial situation. Based on data results from this survey, here are five reasons why you too should feel optimistic about the economy in the MENA:
Across the region, less than a fifth (17%) of those surveyed are of the opinion that their personal financial situation has improved, compared to 6 months ago. For 39% it has remained the same and 37% state that things have not been good for them. However, when asked about their expectations for the next 6 months, about four in ten (39%) are optimistic that things will get better for them.
There is a significant split within the regions of the MENA when it comes to respondents’ evaluation of the economy in their country of residence. In the GCC, respondents are generally positive about the economy, believing that it has mostly improved in the last 6 months. Countries in the Levant and North Africa are a little bit less positive, with those in the Levant, in particular, believing that their country’s economic situation has dramatically receded when compared to the economy of 6 months ago. The Levant countries are also less positive about the future of their economy, with the majority of respondents holding the belief that things will get worse.
Across the region, overall 50% of those surveyed are optimistic about the future business conditions in their respective countries. This sentiment is much stronger amongst the GCC residents (average of 62%) and weakest across the Levant region (average of 27%). The state of business conditions reflects the general perception of job availability. Respondents in GCC countries believe that there are plenty of job opportunities, whereas those in the Levant and North Africa believe the opposite to be true.
Good news if you’re looking for a new (or better) job. 29% expect a rise in the number of job opportunities across the MENA region in the next 6 months, with respondents in the GCC more positive about an increase in the number of jobs available.
Respondents are relatively evenly split in terms of their level of satisfaction with respect to career growth opportunities; with 38% satisfied and 41% dissatisfied with the opportunities available to them. Compensation is considered to be unsatisfactory by 53% of the region’s respondents. However, when it comes to non-monetary benefits received, 42% are satisfied (as opposed to 41% who claim to be dissatisfied). So no matter how harsh things may seem (78% still anticipate the cost of living to increase), you have reasons to be optimistic. But let me be clear: I’m not saying that we’ll witness a flourishing economy everywhere in the MENA. I'm simply saying that just as there are reasons to worry about the regional economy, there are reasons to believe the coming months might be better than we think.
