Residents in Jordan are still feeling the pinch of the economic crisis, as39% of respondents report that their financial position has worsened since last year, according to the figures of the Middle East’s number one job site – Bayt.com in conjunction with research specialists YouGov.
Around the region, respondents in Qatar recorded the most positive improvements in their financial positions:35% stated their position was better than last year. The other countries in the GCC reported slight improvements in personal finances:29% in KSA and26% in Bahrain stated they were better off. In line with the results of the last wave, respondents in the UAE and Jordan were the two countries hardest hit in terms of their personal finances:40% in the UAE stated they are worse off than last year.
The survey showed that across the Middle East region, respondents felt certain features of their economic positions were unchanged from the previous year. On average, more than a third of respondents,34%, felt that they were in the same financial position as last year, while the same number agreed that their country’s economy was unchanged. Unsurprisingly, respondents are optimistic about the future. Almost half of respondents,48%, said that they believe business conditions will be better, and40% said they think their country’s economy will improve in a year’s time.
Optimism for the future was found to reign supreme with many of the region’s respondents. Almost half of respondents,46%, said that their personal financial position would change for the better in a year’s time, and only8% said that it would be worse. Jordan’s respondents matched the regional average. Most optimistic among those surveyed were respondents in Bahrain:52% said their finances would be better after a year.
Respondents also felt positive that their country’s economy would improve in a year’s time;40% said that it will be better, compared to just19% of those that said it would become worse. While Kuwait topped the table –51% of respondents said their economy will be better – the UAE was also near the top:49% stated that things will be better. Respondents in Saudi Arabia and Qatar were similarly positive,47% and46% expected things to be better after a year, contrasted with31% of respondents in Jordan who anticipate an improvement.
When asked whether it is a good time to buy consumer durables or not, respondents once again stated they are reluctant to spend:42% said it was a bad time to buy goods such as televisions or refrigerators,30% said it was a neutral time, while a fifth agreed that it was a good time to buy.
Following on from improvements in the previous wave, a greater proportion of respondents believe that more jobs will be available in a year’s time. Just28% of all respondents said they feel that job availability will be worse, compared to33% in the last wave; while30% of respondents said conditions would be better. Feeling most positive about the future availability of work were respondents in Qatar (43%), Kuwait (42%) and the UAE (40%) who said things would be better after a year. Those feeling pessimistic about the future availability of work were respondents in Egypt and Jordan:34% in each country said job availability would be worse after a year. In Lebanon, just18% of respondents believe there will be more jobs available in a year’s time.
As in previous waves, respondents feel that salary increases have not kept pace with the cost of living. The majority,60%, said that they haven’t kept pace, while17% feel they have increased in line with the cost of living.
Data for this survey was collected online between17 August and8 September2009 with9,430 respondents from the UAE, KSA, Qatar, Oman, Kuwait, Bahrain, Syria, Jordan, Lebanon, Egypt, Morocco, Tunisia, Algeria and Pakistan. Males and females aged over18 years old, of all nationalities, were included in the survey.