Wages not keeping up with living cost rises

More than two thirds of residents in the Middle East and North Africa believe their salaries are not keeping pace with the rising cost of living, with 39 percent saying the situation will get worse in the near future, according to the results of a new survey. The latest Consumer Confidence Index, conducted by jobs website Bayt.com and research firm YouGov, found 31 percent of MENA residents said their financial situation had deteriorated in the last year. It all also found that 40 percent of respondents are dissatisfied with their current job and career prospects and 67 percent said their pay rises were not keeping pace with corresponding increases in living costs. Those looking for alternative employment said the outlook was not good, with only 12 percent reporting that jobs are readily available. In terms of large scale purchases, 27 percent of respondents said they plan to buy a new vehicle in the next year, while 21 percent are considering investing in property. "Feelings towards economy, commerce and employment are relatively consistent across the MENA region, with regional sentiment for the current situation remains relatively low," said Suhail Masri, vice president of sales at Bayt.com. "With the majority of people stating that their financial situation has either remained the same or improved over the last year, it may be that the positive outlook for the future may be realistic," said Sundip Chahal, CEO, YouGov. "While the majority say that now is a bad time for business, there are some countries that are clearly experiencing a more positive commercial atmosphere - which, undoubtedly, is a good sign for things to come," he added. The survey was carried out from April 18 to May 7 2012, interviewed 10,138 respondents aged over 18 years and in a number of Arab countries, including the UAE, Saudi Arabia, Kuwait, Oman, Qatar, Bahrain, Lebanon, Syria, Jordan, Egypt, Morocco, Algeria, Tunisia and Pakistan. From Arabian Business