Saudi Arabia and the United Arab Emirates (UAE) have been named the two nations with the world’s two strongest economies, according to a new survey by France-based research and consultancy firm Ipsos.
The research, which is based on the Primary Consumer Sentiment Index (PCSI) and was produced in partnership with Thomson Reuters, looks at consumer perceptions of the local economy’s present and future conditions, as well as their own financial situations and investment optimism.
The UAE and 25 other nations worldwide have been included in the study from 2022. The UAE has emerged as the second-strongest economy in the world, according to the Ipsos Index, with 63% of consumers expressing confidence in its economic strength.
According to the data, the UAE’s consumer sentiment index did experience a little decline from 71.3 to 70.7 in March 2023.
When it comes to consumer confidence in economic strength, Saudi Arabia has surpassed the UAE in the Ipsos Index, with 96% of respondents.
Despite the minor decline, 95% of UAE consumers still think the nation is progressing in the right path, up 1% from February 2023.
Additionally, a majority of UAE citizens (44%) believe that their personal financial condition is in good shape. However, the study reveals a little reduction in their readiness to make significant purchases, with 80% of respondents feeling sufficiently at ease.
Currently, unemployment and job security are the top concerns for 42% of UAE consumers, surpassing inflation, which was the top concern in the previous study.
Consumers are concerned about climate change to the tune of 29%. Despite these concerns, the majority of UAE consumers are upbeat, with 81% planning to invest in the future and 86% anticipating local economic growth over the coming six months.