Saturday, July 13, 2024

Saudi Arabia and UAE Ranked Globally for Strongest Economy

Saudi Arabia and the United Arab Emirates (UAE) have been named the two nations with the world’s two most robust economies, according to a new survey by France-based research and consultancy firm Ipsos.

The research, 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 financial situations and investment confidence.

The UAE and 25 other nations worldwide have been included in the study from 2022. 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 strength.

According to the data, the UAE’s consumer sentiment index did experience a slight decline from 71.3 to 70.7 in March 2023.

Regarding 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 on the right path, up 1% from February 2023.

Additionally, most UAE citizens (44%) believe their financial condition is in good shape. Nonetheless, the study reveals a little reduction in their readiness to make significant purchases, with 80% of respondents feeling sufficiently at ease.

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