It is interesting to see that while inflation has been soaring in the Emirates and wages have not been keeping up with the cost of living, consumer confidence still remains high (or at least higher than in other countries).Reuters reports:
“The United Arab Emirates ranked among the top five nations globally for consumer confidence despite fears over rising inflation in the oil-fueled economy, a U.S. research agency said on Wednesday.”
“Despite double-digit inflation, the UAE's strong economy and booming employment prospects won the Gulf Arab state 111 points on the Global Consumer Confidence Index compared with a worldwide average of 88 points, The Nielsen Company said.”
Full article: Consumer Confidence Study Puts UAE Among Top Five, Reuters, 18 June 2008.
Dr. Geoff Pound
Image: Consumer confidence.
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