A new report from Ipsos, a France-based research & consulting firm, has revealed that Saudi Arabia and the United Arab Emirates (UAE) have claimed the top two spots globally for the strongest economies.
The report, which is based on the Primary Consumer Sentiment Index (PCSI) in collaboration with Thomson Reuters, examines consumer opinion about the current and future status of the local economy, personal finances, and investment confidence.
The UAE has been added to the survey since 2022, along with 25 other countries globally. According to the Ipsos Index, the UAE has emerged as the second-strongest economy in the world, with 63% of consumers expressing confidence in its economic power.
However, UAE’s consumer sentiment index has shown a slight dip, decreasing from 71.3 to 70.7 in March 2023, according to the report.
At the same time, Saudi Arabia has overtaken the UAE in the Ipsos Index, with 96% of consumers expressing confidence in its economic strength.
Despite the slight dip, 95% of UAE consumers believe that the country is moving in the right direction, marking a one percent increase from February 2023.
Moreover, UAE residents have a positive outlook on their personal financial situation, with 44% considering it to be in good shape. However, the survey shows a slight decline in their willingness to make big purchases, with 80% feeling comfortable enough with them.
The main worry for 42% of UAE consumers is currently unemployment and job security, overtaking inflation which was the main concern in the last survey.
Meanwhile, 29% of consumers have fears about climate change. Despite these reservations, the vast majority of UAE consumers remain hopeful with 81% intending to invest in the future and 86% expecting the local economy to grow in the next six months.