Moving Towards A Slow Revival In Dubai
They say that the economy is buoyed by spending- which can be either private or public i.e. by consumers or the Government. As the USA and Europe realized that they were in the grip of a recession, the early market mood and expectations for economic growth were quite negative, but fortunately their Governments reacted in time through the Central Banks which assisted in providing economic and financial stimulus packages. This helped in arresting the decline in some key industries so that they could be turned around. As of now, it appears that the US and European economies are moving out of the recession, but there are still many question marks about the pace of recovery in the months ahead. Nevertheless, any positive signs need to be appreciated and it appears that they are turning the bend towards recovery. The outlook for 2010 is much healthier.
In Dubai the atmosphere is still one of cautious recovery. Nonetheless, many local experts believe that the problems will be contained and that it will be seen as a regional issue rather than a global one. Credit appears to still be in short supply, as many banks will worry about making loans in a shaky economy. The Dubai World debt repayment issue will likely bog down the activity of UK banks, whose exposure to the GCC market is relatively high. This also adds to the worries of the banking sector in general.
While it is expected that Dubai’s current problems will not have a major impact on global recovery, there is still a long road to be traversed and there may still be many stumbling blocks along the way. In relation to employment, there has been a sharp downward adjustment in wages offered for new positions over the past few months, resulting in a 20 to 30 percent drop in starting salaries on the average. However, some feel that compensation packages had reached unsustainable levels during the boom times and the adjustment has brought things back to more a realistic baseline.
It is clear that cutting wages was crucial for companies to return to profitability and as a result wage inflation in Dubai is likely to pick up slowly given the excess slack in the jobs market. High unemployment in some sectors suggests that the labor market will remain loose for some months to come. Only when the economy expands again will wage growth and compensation packages register an increase.
During these hard economic times, it is easy to sympathize with the new jobseekers as they enter the UAE to look for a place to work and live. It is far better to use the services of reliable job agents rather than go it alone, or one tends to get disappointed with the low salaries offered. Else rather than looking for jobs Dubai, it is better to move towards job vacancies Abu Dhabi, as that emirate has a more sustainable economy. At present job sites Dubai do not offer a lot of possibilities, as any good recruiter will tell you.
Questions and Answers
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